Bank NFS Fees APRS

AlFromLA · #1 (**permalink**) 06-07-2010, 07:09 PM

I was charged a few NFS fees over some over draft I made a while back. When I asked my bank what APR they charge for NFS fee they said its a flat fee and the teller had no idea (or didn't want to tell me) how the calculate it.

Financeguy74 · #2 (**permalink**) 07-22-2010, 09:21 PM

I've read this article before. Sure it sounds outrageous, but it highlights that an APR % is not appropriate calculation to make in many cases.

Don't get mad at the bank. They're charging you a fee because you tried to make a payment with money you didn't have. Banks aren't a charity. They have to make money on you somewhere. If not on NSFs and overdrafts, would you prefer they charge you $100 a month just to have a checking account?

altheloanguy · #3 (**permalink**) 08-04-2010, 07:32 PM

Quote:

Originally Posted by Financeguy74

I've read this article before. Sure it sounds outrageous, but it highlights that an APR % is not appropriate calculation to make in many cases.

Don't get mad at the bank. They're charging you a fee because you tried to make a payment with money you didn't have. Banks aren't a charity. They have to make money on you somewhere. If not on NSFs and overdrafts, would you prefer they charge you $100 a month just to have a checking account?

Well but banks use the same argument against the payday lenders.

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