Causes of Financial Loss in the United States, 2011
October 2, 2024
Causes of Financial Loss in the United States, 2011
Posted by breck
5 comments
I’m guessing by ‘Overdraft Fees’ the author is also including *Overdraft Protection Fees* and interest charged on the short term loans given as a result of these unethical programs.
If it’s not one mob it’s the other…
Overdraft is usually considered a “service” by banks. They allow the transaction to go through despite not having funds to pay it. Then charge you.
Most American banks allow you to opt out of the “service”. Your card is simply declined if you don’t have money.
> The Great Bank Robbery dwarfs all normal burglaries by almost 10x.
TIL 6.4 is “almost 10.” I don’t disagree with the overall point that fees are bad, but come on, show the reader some respect.
>What if it were illegal for banks to automatically deduct money from someone’s account?
People wouldn’t be allowed to overdraft, and they would have to wash dishes or whatever to pay for their meal, just like it used to be.
5 comments
I’m guessing by ‘Overdraft Fees’ the author is also including *Overdraft Protection Fees* and interest charged on the short term loans given as a result of these unethical programs.
If it’s not one mob it’s the other…
Overdraft is usually considered a “service” by banks. They allow the transaction to go through despite not having funds to pay it. Then charge you.
Most American banks allow you to opt out of the “service”. Your card is simply declined if you don’t have money.
> The Great Bank Robbery dwarfs all normal burglaries by almost 10x.
TIL 6.4 is “almost 10.” I don’t disagree with the overall point that fees are bad, but come on, show the reader some respect.
>What if it were illegal for banks to automatically deduct money from someone’s account?
People wouldn’t be allowed to overdraft, and they would have to wash dishes or whatever to pay for their meal, just like it used to be.