Shameful Bank Practices. Commerce Bank edition.

New banking rules implemented by President Obama are designed to keep banks from ass-raping customers with overdraft fees on Atm and debit card purchases. It’s a really good idea, since banks were notorious for charging the largest items first, and then hitting you with a 35 dollar fee for every single small transaction. So now, by law, the card will just say declined if you have insufficient funds. Great, grand, wonderful. Problem solved. Our everyday lives a little better. I would much rather have someone tell me my debit card was declined so I could pay with another card then have a bank offer me the “Convenience” of having them pay it and charging me 35 bucks for it.

Only problem is apparently banks don’t like this, and who can really blame them, it costs them money. Here is an example, one I get EVERY TIME I log into my online banking for Commerce Bank:

» Understanding How The New Overdraft Rules Impact Your Account

Previously, under our discretionary courtesy overdraft practice, Commerce Bank may have authorized ATM withdrawals and everyday debit card purchases* on your checking account even if you did not have sufficient available funds*. The authorization of these transactions is at the Bank’s discretion, and we reserve the right not to authorize an overdraft on your account. For each transaction that overdraws your account you are charged a $35 fee, up to a maximum daily fee of $240.

Due to federal regulatory changes we are no longer able to authorize overdrafts for ATM withdrawals and everyday debit card purchases in accordance with our courtesy overdraft practice unless you provide your consent.

If you don´t provide your consent, and you attempt to make an ATM withdrawal or everyday debit card purchase but do not have sufficient available funds, the transaction will be declined and you will not incur a fee.

Other items presented to your account such as checks, automatic bill payments, ACH debits and scheduled recurring debit card transactions were not affected by this regulation. These other debits presented to your account will still be subject to our courtesy overdraft practice. We reserve the right not to authorize or pay an overdraft on your account. For example, we generally do not pay overdrafts if your account is not in good standing, you are not making regular deposits or you have too many overdrafts.

To continue to have Commerce authorize and pay overdrafts on your ATM withdrawals and everyday debit card purchases under our discretionary courtesy overdraft practice, please select the “Yes! Continue” button below.

* An everyday debit card purchase is a one-time purchase or transaction paid with your debit card. Examples would include a trip to the grocery store, pharmacy, gas station, or discount store.

* Our Deposit Agreement requires that you repay us on demand for the amount of the overdraft and the overdraft fee. Typically we debit your next deposit for the amount owing.

If you read through all that non-sense you would see that basically all it says is that they are no longer allowed to charge you exorbitant fees, but if you click YES!Continue, they can keep charging you for overdrafts. Now, I know better than to fall for this ridiculous little game and actually authorize them to f$^# me, but how many people do you think have unwillingly agreed to this? Is that an ethical business practice?