Comment of the Day
October 23, 2008 | Uncategorized | Comments (0)Responding to the letter from the bank employee and the Payday Pundit’s comments that banks don’t make short-term loans, a reader writes:
of coarse they give small short term loans. Itscalled Over Draft Protection. Here’s how it works
First your account goes in the negative.
Second we dont inform you that it is in the negative.
Third We apply fees up to $37 for that $5 over draft.
Forth we dont tell you that we are charging you for our services.
Fifth we charge you for EVERY over draft expense an additional $37 and hope you dont check your account online.
Finally we have applied over $500 in fees forthe $100 in charges that you went over on you account.
The reason we are better than payday loans you ask? We will automatically let you use this great product with out you even having to ask!!!
The Payday Pundit stands corrected.
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