For the record, I never said that I agree with every thing financial institutions do, let me be perfectly clear about that. I do not think consumers should be charged $30 for something that overdrew their account by pennies. That is excessive in my opinion. However, I do see the other side as well, and I’m simply explaining that side. Banks are a business and they’re in it to make money. Yes, there is a point where their greed can be detrimental – thus the current credit crisis we now find ourselves in – but at the same time there is a measure of personal responsibility on the consumer’s part.

I don’t believe you’ve read my post on the difference between credit versus debit when using your debit card, so allow me to explain that to you here. Your bank has an agreement with Visa or MasterCard (whichever yours is) to allow their logo to go on the bank’s card. This will give you the freedom to use your card anywhere either logo is accepted. So, that means you have a choice. You can use it as debit and enter your four-digit PIN number. Or you can use it as credit and sign for it. When you use it as debit, it transmits through the Star of Nyce network(again, whichever yours is) and is immediately debited from your account. When you use credit and sign for it, the transaction is sent through the Visa or MasterCard network, which means the merchant has to batch their items before it is routed to the banks. If you use your debit card as credit and sign for it, you may have some benefits like reward points; however, the drawback is that it takes a few days to clear the account. This isn’t your bank’s fault. Because it’s routed through the Visa or MasterCard network, your bank doesn’t know how much you’re spending until the merchant batches and Visa or MasterCard sends the file to the bank. So, my suggestion to you is that if you are not keeping a checkbook register to keep track of your transactions, then you should use debit and enter your PIN number so that they clear the account immediately. And since we’re telling the whole truth, if you were keeping a detailed record of your transactions and didn’t spend more money than you had, then you wouldn’t be in the position of paying a fee. I don’t mean to sound harsh, but the reality is that everyone wants to blame the banks. Sometimes it is the bank’s fault, and I’ll be the first to admit that banks aren’t perfect. But, if you’re not financially responsible enough to stop spending when you clearly don’t have the money, you must take some responsibility for that rather than blaming the bank and claiming premeditated extortion.

I don’t know your specific case, and without looking at the account history, I can’t say whether or not the bank was entirely blameless. However, it sounds to me that you’ve been charged several fees in one hit for items that came through. Likely they were small dollar items and you were charged the full $30, or whatever your bank charges, in which case I agree that is excessive. I’ve stated as much before. However, coming from a bank’s perspective, you spent more money than you had – repeatedly – and therefore, they are within their rights to charge you. Now, if you feel that you were not given the full disclosure of those fees and charges, then speak to a manager and see if you can have that resolved. But, I caution you not to lump all financial institutions into this grim view you have of mafia banking when clearly there was some fault of your own as well.

I hope that answers your questions.

I will go so far as saying OK charge me for the first overage (my Fault), beyond that it is called extortion and it is premeditated extortion, the banks know exactly what they are doing by approving a purchase with a debit card that does not have the funds. When did mafia banking become legal.

I really would like an answer to this question and I would also like to know where the the government is during all this. Excuse me I know where the government is, sipping dry martinis with bank execs.