Overdraft Fee's/Limit on amount?

[RonnieLyn]

What is the name of your state? MI

Hi,

Not sure if this is the right forum, but can anyone tell me if there is a cap on the amount of an overdraft fee a bank can charge the consumer? I have surfed for consumer banking law's/practice to no avail.

My bank charged me $30.00 for bounced check (my fault) but when I went to bring my account up to balance, I found they had been charging me $5.00 a day on top of that, even though nothing else had gone through or bounced. So my total fee was $45.00 and had I not gone in, who know's what it would have been.

Thanks in advance,
Ronnie

 

[mitgr5200@yahoo]

I think so, maybe

I am sure the bank probably sent you a notice on their fees, and by you keeping your account open probably gave them the right. I know, when we get those notices we don't pay attention, but it probably clears the bank of any wrong doing. My bank ( well, not MY bank, I don't own it, it's just the one I use) charges $30 also, and charges more later if it is not taken care of. I would think a bank would not waste it's time doing something it didn't think would stand up.

 

[djohnson]

The 5.00 a day isn't overdraft fees. It's for having your account in the negative. It falls under a different fee. You agreed to their fees and terms when you opened the account. There isn't a lot you can do. If you are ordinarily a good customer, you may talk nicely and see if they can waive them this once or part of them. Chances are they won't, but I have seen them do it upon occasion.