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The tough economic times has worked out quite nicely for them....
Quote:
US banks stand to collect a record $38.5bn in fees for customer overdrafts this year, with the bulk of the revenue coming from the most financially stretched consumers amid the deepest recession since the 1930s, according to research. The fees are nearly double those reported in 2000.
The finding is likely to increase public hostility towards the financial sector, which has been under political pressure to ease the burden on consumers by increasing credit availability and lending more fairly after being bailed out by taxpayers.
It only effects a small number of people as well, I think MSN posted like 10% of customers pay it in their Red Tape Chronicles. It pays to be financially wise in life.
That is alot of people bascailly writing hot checks. I am sure if they didn't cover the check at 25-30 dollars it would cost each alot more in fines for hot checks.
I've been hit with overdraft fees before. Usually caused when me and my husband both used the ATM card a day or two before payday without the other one knowing.
Unless you're dealing with a bank that has the sleazy practice of crediting your account with a deposit, processing checks on the same day, then flipping around the order of the transactions so that the checks come out first and the deposit is posted last, which causes "overdrafts" for about 5 seconds, but which the bank then gets to collect exorbitant fees for.
Unless you're dealing with a bank that has the sleazy practice of crediting your account with a deposit, processing checks on the same day, then flipping around the order of the transactions so that the checks come out first and the deposit is posted last, which causes "overdrafts" for about 5 seconds, but which the bank then gets to collect exorbitant fees for.
Funny, I haven't paid a single overdraft fee. I don't overdraw my account, and just in case, I have overdraft protection.
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