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How many people actually make money by putting there money in a bank?

How many people actually make money by putting there money in a bank? Topic: Number rules when writing papers
July 15, 2019 / By Elisha
Question: I recently got charged an overdraft fee of $13 on my checking account even though I had money in my savings account in the same bank, and it got me wondering: How many people actually make money by putting there money in a bank? Between overdraft fees, charging to use your debit card (Bank of America), and the plethora of other fees they think up, it would seem that some people would end up losing money. I know banks are generally safer than keeping your money in a mattress, but if the interest you gain on your money is only kept up with inflation, is it for a large number of people not worth the risk? Because for me at least it seems the amount of money they have charged me for various fees has cost me slightly more than I have gained in interest. Out of curiosity, has there been a study or poll on this topic?
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Best Answers: How many people actually make money by putting there money in a bank?

Chesed Chesed | 9 days ago
When you open a bank account you make a contract with the bank and the papers you sign explain in detail what services and fees can be imposed by the bank. All you have to do is read it and follow the "rules" so that the bank isn't the smarter one and gets you on procedure mistakes. Yes, you do have money in your savings account... but did you ask the bank to link the two accounts and use funds from the savings account to cover any overdrafts you may have in the checking account? NO? Then why would they chance a law suit by touching your accounts without your permission and instructions? Be smarter than the bank.... and at least read and comprehend what you signed and agreed to. If you want them to perform a certain service then march in there, sit down with a banker and hash out the exact details and services you expect them to do for you. Banks impose fees according to rules and have to list those rules in writing and give them to you to read..... all you had to do is sit down and read and comprehend so that you can make sure not get into a situation that allows the bank to charge you with a fee. P.S. I would close my account with BofA... charging a fee for using your debit card is outrageous. (and being contested in court right now... stupid is as stupid does... BofA).
👍 186 | 👎 9
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We found more questions related to the topic: Number rules when writing papers


Chesed Originally Answered: If I send my financial aid money to my personal bank account, how do I keep track of my own spending money?
It's called keeping a personal budget. Before debit cards were in big use, people used what were called check registers to note what dollar balance they had in their bank account, deducting the amounts of the checks they wrote, drawing on the account, and adding any deposits in the account. There is personal finance software you can use and keep up-to-date with your personal budget figures. Or, you can do it the old fashioned way with a paper budget ledger. Since I suspect you may need to learn about how to manage a personal budget, I won't give you links here. Instead, I recommend you go to the local public library, or the campus library if you have already started college classes, and ask a reference librarian to help you find some good books or magazine articles about how to set up a personal budget, manage it, and keep track of your expenditures and deposits. If you want to use the old paper method of keeping track you can find budget ledger forms online or purchase a personal budget ledger book at an office supply store. A reference librarian can help find some good forms online for you to download or print off. Also,a reference librarian can help find good evaluations of budget software, if you wish to go that route. Librarians--Ask Us, We Answer! Find your local Public Library at: http://www.publiclibraries.com/ Find your College/University Library at: http://lists.webjunction.org/libweb/Acad... Best wishes

Alysdair Alysdair
No one. In 30 years I have NEVER paid a penny in overdraft fees, nor to use my debit card nor to have a checking account. I earn interest not pay fees. Change banks and stop bouncing checks
👍 70 | 👎 1

Tianna Tianna
If you keep funds in an interest earning account you will make money - simple as that. If you spend it and spend more than you have you will lose money. I've had bank accounts for at least 40 years and never paid the banks one penny - they pay me.
👍 62 | 👎 -7

Rosheen Rosheen
Keep track, its your issue if you don't know your balance. I never get charged, but I know every fee and follow all the rules.
👍 54 | 👎 -15

Rosheen Originally Answered: My checkbook was stolen and money was withdrawn, will the bank put this money back into my account?
I worked in check fraud for several years. 1. CLOSE THE CHECKING ACCOUNT: First, ask the bank if you can close the account, they will want to keep it open - but the bank will return all the checks to all the companies your perpetrator wrote them to. All those companies will send you a bill for the bounced checks and put blocks on your checking account with the big check approval companies, like SCAN or CHEXSYSTEMS etc. So if you keep the same checking account, you'll be turned down everywhere in town. Banks just don't like to open and close accounts it's a lot of paperwork for them. 2: REPORT THE ROBBERY/THEFT: Go online to your local police departments web site and fill out the form to report the robbery or theft of your checkbook, include what series of check numbers were taken 1150-1175, whatever it was. If SEARS calls you tomorrow and is placing a courtesy call to you because you're writing a check and you have no I.D, and they're just calling the phone number on the check to be sure - they cannot attempt to arrest your perpetrator if you have not reported the robbery. (Yes they could detain this person, but most retail companies don't put the neck on the line, unless you have your police case number - because too many times relatives decide not to press charges, etc when they find out who the perp was.) Typically all the store will do, is try to scare the perp off while they keep the check. 3: BANK/AFFIDAVID OF FORGERY Go to your banking institution and fill out an affidavid of forgery. This is a legal document saying that those checks have a forged signature on them, which is not yours. This document protects YOU from companies who will later want payment for the bad checks passed at their stores. Make several copies of it, you will need to mail these out when the bills come in from Target or Walmart etc. 4. HOW LONG DOES IT TAKE: If you give your bank the police case number and signed affidavid of forgery it should be less than 48 hours to get the money back into your account. But if you just call and report it, without any supporting documentation - there is no time limit on how long they can process your investigation. Some banks are great, and give it to you the minute you report it, some banks will delay you 2 weeks. 5. CHECK YOUR CREDIT REPORT Watch your credit report for bills that show up, that may have been from one of the checks that your bank will return unpaid. Some companies will report you with unpaid bill instead of sending you something in the mail. Send them your affidavid of forgery and police case number.

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