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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