Overdraft hit in the Post
September 22, 2009 | Washington Post, alternatives, industry | Comments (0)From today’s Washington Post editorial:
Nothing in current law or regulations prevents banks from doing this, which is why banks’ revenue from overdraft fees is projected to climb from $18 billion a decade ago to $38.5 billion this year. No doubt our nation’s troubled financial firms need all the cash they can get these days just to remain on sound footing. No doubt many consumers who received automatic overdraft protection were indeed glad that they got it, as the American Bankers Association argues. And, yes, in an ideal world, consumers would be responsible for precisely monitoring their personal cash flows.
Need I say it. Payday loans are the most transparent financial service there is.
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