An End To Outrageous Bank Fees
September 29th, 2009 Categories: About This Blog
a pet peeve of mine for years…is being addressed. Last week,
First it was Chase, then on Tuesday BofA dropped their Overdraft fees to$0 for OD’s under $10, and now Wells/Wachovia have said they’ll join suit for OD’s under $5.
This change is huge- bank fees accounted for as much as 40% of Bank operating income the last 12 months. The banks succumbed to a large online movement, public pressure, and a Congress willing to have oversight hearings and even a Consumer protection office.
I’ve put 4 children through college and paid literally $1000’s in fees, a handful justified. You just haven’t lived until your child calls you crying, and can’t understand how they had money all weekend, and then a check comes through that they invariably forget, and the 8-10 bank card charges paid but only “pending” from the weekend, which were all paid showing a positive balance, are now overdrafts, a total dollar amount of overdraft that might be $50, but they had been hit with $350 additional fees in their account- more than their monthly allowance and work income combined.
“Lefty” the loan shark would be proud, but…
The banks put loan sharks out of business… and these fees? I’m told they hired “consultants” 8-10 years ago to find the formula to maximize their fees.
So lets see if we can add this up.
Banks pay millions to Congress and K Street to keep from being regulated.
Banks hire consultants who then jack up rates on bank fees, sometimes charging $35 for a $.25 overdraft, interest at 1000%, make 100 to 200 times what they invested in Congress, and bank exec’s get paid BIG bonuses.
A Democratic Congress is elected, and Banks, facing actual oversight, decide to lower their own fees.
Until at least they can buy this Congress. Stay Tuned.
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One party claims that the real problem in our economy is that we regulate business too much…Money is NOT FREE speech for corporations–I know this is radical but Corporation’s don’t have the same rights as breathing Citizens of the US.
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