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Nickelless
Administrator
USA
5580 Posts |
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Nickelless
Administrator
USA
5580 Posts |
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1000+ Penny Miser Member
USA
3121 Posts |
 Posted - 07/12/2009 : 12:25:08
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Banks are lobbying heavily against restrictions. Why? "Overdraft fees are the mother lode of (deposit) fees," says Michael Moebs of Moebs Services, an economic research firm. "If it weren't for overdraft fees, 45% of banks and credit unions wouldn't have made money in 2008."
Also in 1996, a Supreme Court decision and a bank regulatory rule effectively gave the industry authority to raise certain fees as much as they wanted.
These articles highlight some reasons why we call these guys banksters. I think this greed commenced when the local banks began to disappear as they were bought out by the large regional banks. The original close ties to the community were lost only to be replaced by the profit motive.
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The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 07/12/2009 : 12:43:48
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They even have their systems programmed to clear the biggest checks first so that if you were to come up short they could get an overdraft fee for each of the smaller checks.  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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Nickelless
Administrator
USA
5580 Posts |
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AGgressive Metal
Administrator
USA
1937 Posts |
Posted - 07/12/2009 : 20:34:01
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| Banks usually have a list of fee amounts you can look at when thinking about opening an account. I have paid an over-draft fee before and it made me really mad, but I don't see how its the government's job to regulate them. I say de-regulate even more. If you have so little money that you over-draft, you probably don't need a bank account anyway. |
And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 07/12/2009 : 21:24:16
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| AggressiveMetal has a good point. The way to avoid overdraft fees is not to spend more than you have. After all, you are not the government. |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 07/12/2009 : 21:35:21
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| I've never had to pay one, but my bro has. 32 dollars for each transaction! I guess it's one of the last things the banks can do to make a buck. |
"99% of all lawyers give the rest of them a bad name" 
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Overdraft fees become huge moneymaker for banks
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