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Overdraft protection fees

Posted Thu October 15, 2009 11:49 pm, by Harry D. written to Citibank N A

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Overdraft protection fees. The recently instituted $10 charge for OD protection is outrageous, unfair and infuriating. To add insult to injury, this is for the privelege of paying a ususous 18% interest rate for the loan advanced. That is disgusting. I am currently online looking for other banks. I have been a Citibank customer since 1973 but I am looking to change that ASAP. I am so angry as I'm sure many thousands of people are. This is a stupid and unfair way to squeeze money out of customers and is totally unacceptable.You will find this short-sighted policy will hurt you in the long run.

The $10 OD protection fee should be rescinded immediately.

If you care, my email address address is harryd@outerstuff.com.

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Re: Overdraft protection fees

by Knight Posted Tue October 20, 2009 @ 12:49 AM

Harry, I have a solution to your problem. If you never overdraft your
account you will never be charged the $10 fee. Brilliant, I know!

Re: Overdraft protection fees

by Nate. Posted Fri October 16, 2009 @ 2:45 PM

I have overdraft protection, and I used it once. I had an error in
accounting on my end, totally my fault. I then made a debit card
purchase, pusing my account in to the negative. I would rather pay
$10han a full $35 overdraft fee...

Re: Overdraft protection fees

by Just Jeffrey Posted Fri October 16, 2009 @ 8:57 AM

"...for the loan advanced..."

This is the key. They are giving you a loan.

While I think 18% is a high loan, it is a loan. And one that any
customer can avoid by not overdrawing.

Now, there are plenty of cases where the customer is not at fault for
an OD, such as where a merchant makes an error. Or where the bank
makes an error.

But where the customer OD's the account, isn't it nice that the bank
will loan you the money?

Alternatively, you can "opt out" of OD protection. That might be a
better option.


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