The Rage at Overdraft Fees
The rage around bank overdraft fees continues with an article titled "Overdraft 'Protection' Is Anything But" by Michelle Singletary in today's Washington Post.
She writes: "Clearly, people should be more responsible. But once again, financial services institutions have crossed the line of fairness. And to be honest, the federal government has helped them along. The federal agencies that regulate the industry determined several years ago that overdraft protection programs were not extensions of credit, a ruling that was ridiculous."
Why are banks legally allowed to rob us? It is very hard now for the most responsible of us citizens that are suffering through these tough economic times now to balance our check books! To charge us $36 for a $5 or less overdraft is dispicable! Why is this not usery? In my state (GEORGIA)the check avance companies were shut down, on grounds of usery? What is the difference in them and what the banks are doing? I will tell you. They are actually less expensive and the only ones that ever complained were the banks because they were not making the same big numbers monthly from the same ones that use to overdraw their accounts because a check slid in just under the wire before their direct deposit hit. Also, the people that were not economically educated. Meaning no ones said to run every week to the check cashing companies and continuosly roll over the advance! Now that they are gone in GA. there are few options. Unemployment is over 10%....so now what. Need gas? Need food? Need medicine? Writing a check should really be thought out very carefully!!
Posted by: Mad AS HELL | November 02, 2009 at 06:44 PM