The value and purpose of a Debit card is simple: It allows people to set up a credit card style of payment so they can use one to hold reservations, pay for gas, etc – without running the temptation or risk of building credit card DEBT that is financially devastating to a family because of the high interest rate, etc. A debit card is SUPER because it is supposed to mean that if the money isn’t there – it will be declined – you can’t go over and you can’t build up debt – thus the word DEBIT card not CREDIT card! It’s GREAT!
PROBLEM: The banks – being dishonest – have not let you use it as a debit card – they have refused to decline them, calling it “overdraft coverage”. They let you continue to charge whatever you want like a credit card and THEN they charge you $36 (varies from bank to bank) every time you charge ANY amount once you are over. They won’t decline your debit card because they want to fine the fire out of you! This is where they make BIG bucks! So if you make 4 charges throughout the day of $10 each – you were actually paying $46 for each item due to the banks “overdraft coverage”. You now owe the bank $184 for items costing you $40 – that is such high interest I can’t even figure it!
A law was passed to make this kind of robbery illegal because it is so dishonest – it is stealing. The law goes into effect on August 14th. What are the banks dong about this loss of illegal income? They are bombarding you with literature warning you that you are about to LOSE your treasured “Overdraft Coverage!!” Unless they hear from you before the 14th, they can’t cover you and help you make these overdraft charges with their huge fines. Quick – call them today! They say things like “there is no fee to keep overdraft coverage” – can you believe that? How generous – they won’t charge you a fee to fine you $36 an occurrence – what heart! They say however you MAY incur a $36 fee up to six times a day – there is no MAY about it – you WILL get that “fee”. They are wanting you to sign a release allowing them to go BACK to fining the fire out of you!
Here is an exact quote from Sun Trust – it is so deceptive, misleading and makes them look like the good guy - – I can’t believe they are doing this – here is the quote:
“Clients must elect to keep their overdraft coverage before August 14,” (bold letters are THEIRS – now they stop the bold letters) “or transactions that exceed the available account balance will be declined without penalty.”
Oh no, what are we going to do? Banks please save us from this- or Wait a minute – isn’t that good? isn’t that what we wanted and what it is supposed to be – a debit? – and why is it that we don’t want WITHOUT PENALTY? Why is that bad? Why wasn’t that in bold?
They continue, “If you have signed up for Sun Trust’s overdraft protection your overdraft service will not be affected by these new regulations.” Thank you bank saviors - What a relief – we can go back to the heavy fines and debt!!!!
You have heard me say it many times – the bank is NOT your friend! They are out to take your money. Do not trust them. Use them – but do not trust that they are speaking on YOUR behalf – they are NOT. They are working on THEIR behalf to make THEM money. How do you think they can build those big beautiful buildings? How is it that the country only has one vice president and we can’t figure out what he should do – and banks can afford 32 vice presidents per bank? (Old Will Rogers quote!)
Lesson: Don’t listen to this garbage – don’t sign up to continue “overdraft coverage” – don’t let them save you – throw this stuff in the trash and let the August 14th deadline pass!!!!
With Success,
Keith
