Usury in bnaking industry

First of all, why are banks allowed to charge $36.00 if you overdraw your checking account by 36cents, yet pay you nothing for the same money when they use it for loans that you would be unlikely to get without great credit?

Second, why are banking institutions only paying you as little as 2cents or at most a nickle for every dollar in your savings that they use when they charge you as much as $36.00 if your account is overdrawn for as little as a 36cents or less?

Thirdly, is this not usury and isn't that against the law?

If it isn't shouldn't it be and if it is, why isn't it being enforced?

What are your views on this?

Thirdly, is this not usury and isn't that against the law?

If it isn't shouldn't it be and if it is, why isn't it being enforced?

What are your views on this?
I agree with you it is ridiculous I have to say the situation I ran into with my bank was originally because of my own error. When I renewed my American Greetings Cards online I didn't realize that the payment was coming out of my older checking account, the one that my car insurance automatically comes out of. I don't keep a lot of money in that account when I realized my error the account had been short 7.00 and my bank did make the payment but I had a 39.00 overdraft fee and a 35.00 service charge that was charged five days later, still before I even knew about it.

When I called the bank I first ask for someone I knew I have been with this bank for ten years. The man I spoke to said that she was at a different branch now. So I explained what happened and he said if I called the phone bank and got them to take off the overdraft fee, then I covered the American Greetings charge, he would take care of the service charge. I did exactly what I agreed to. I actually put a little more in the account. The phone bank took care of the overdraft and I thought things were going to be ok. As soon as I realized the service fee was still there I called the bank they gave me the run a round stalled and delayed charged another fee. And then they debited my active account which caused overdrafts in that account. One of my mistake was not the name of the man the I spoke to. But how can they keep charging something that is in dispute.

Kathy: Thanks for your reply. I had a similar situation in which I'd been banking with the same bank and felt like we all were friends or at least knew each other well enough that when I was told something by a bank teller I could believe it. I was given a wrong balance and the ATM (which is never right) gave the same balance as the teller. They assured me that the money I was depositing was in addition to what was in the account, but when all was said and done. I ended up having about eight things bounce because of a very small over expenditure on my account. When I tried to get the bank manager to do something about the misinformation I was given I just got the run around too. Eventually I figured out that when it is to the banks advantage I didn't stand a chance in hell of being heard let alone reimbursed for the tellers misinformation. These type of incidents really fuel my desire to do something to change the way the banks are allowed to take advantage of people. Perhaps you'll consider getting involved in my lobby against userious bank fees. Let me know if you're up to it.

Regards,

Gale