Outrage: Banks are over charging for overdraft fees.

By Daniel at 9 July, 2009, 9:35 pm

To the tune of over 3000% on what is considered a short term loan. The banks have even gone as far as hiring outside consulting firms to figure out how to raise more capital via overdraft fees.

Banks expected to collect $38 billion in overdraft fees along w/ $20 billion in credit card overlimit and late charges.

You and I debated a few weeks back regarding my view point of how banks have a license to steal. You disagreed. I hope you read the article and are disgusted at how low the banks will go to increase revenue at the expense of low and fixed income families. This is not what America should be about. I don’t care if your an investor or not!

Bottom line Congress and Senate will investigate practices.

This is about hardworking people you are manipulated by a system aimed at taking their money. Its about people being currently overdrawn and the bank allowing you to further overdraw via POS, Online and at the ATM.

There are lots of tactics the banks employ to manipulate the system. Hence all the lawsuits. Hence the reason they hired consulting firms to assist in their pursuit.

Don’t ever make a mistake and overdraw your account by accident. You will learn first hand how the bank does not give two craps about you.