The Card Game – Overspending on Debit Cards Is a Boon for Banks – NYTimes.com

by Melanie on 09/09/09 at 3:34 pm

The Card Game – Overspending on Debit Cards Is a Boon for Banks – NYTimes.com.

Credit Card Reform Legislation Would Tighten Rules On Rates And Fees

It took Bank of America two years to give a mentally ill man a debit card that did not automatically overdraft him if he over-purchased.

Banks also manipulate the chronology of debits to force the unwitting to pay more, even when the customer had money in the bank.

This happened to me at Nevada Federal Credit Union—I was actually never overdrawn at all, but by manipulating how money was withdrawn from my accounts, they flushed more than a hundred dollars out of my account in fees. As outrageous as this is, it is not yet illegal. I am so very tired of being gamed by banks and credit unions. I’m tired of being hyper-vigilant in order to avoid their mercenary tactics. I’m tired of people treating other people like commodities, or mere chumps to be conned. Are we not humans with hearts and souls?

Here’s the PDF of the article.