Thursday, July 31, 2014

Banks Continue To Fleece Customers On Overdraft Charges To The Tune Of 30 Billion A Yearto occ

The CFPB has just completed a study on the equivalence of financial rape and pillage on overdraft charges
Leaving bank customers gasping for breath at 30 billion a year, a number way too large
The study found that the average charge is 24 dollars
Most transactions are less in amount; no wonder the customers scream and holler
The overdraft is almost always paid in three days or less
No wonder with no interest consumers are under stress
Paying an APR of 17,000 percent should cause much distress
Watch the banks with their lobbyists any reductions try to suppress
Louie the loan shark even backed by the Mob
Is envious that with such fees the banks continue to rob
Most people can balance a checkbook but with debit cards hard to keep a balance in your head
Charging when there is failure to know the balance to the penny to avoid the fee is an idea to which the CFPB should not be wed
18 percent is a fair rate and the CFPB should by regs this rate apply
But knowing Congress and PACs the banks will never let this rule of equity get by.
© July 31, 2014 Michael P. Ridley aka the Alaskanpoet

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