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Head Of FDIC Talking About Limiting Overdraft Fees

Posted by Non-Hamster on October 4th, 2009

If you've ever had a check bounce no matter how you tried to avoid it you'll be interested in this.  In a move that's got Bank Execs worried that they'll have to find another way to finance their twice weekly Myrtle beach golf trips, the boss lady at the FDIC is talking about putting limits on overdraft fees.

Frankly, the whole thing needs to be revamped and controlled.  Yeah, I am not a hamster, I'm fully aware that the first solution is for people to pay VERY close attention to their finances and avoid the overdrafts in the first place and that's all fine and dandy.

However part of the reason that people have overdrafts in the first place has very little to do with how much they keep track of their money.  How about the practice of processing all of the debits on an account BEFORE processing the credits?  That's a trick that I've seen with a bank I used to do business with that's designed specifically to generate more bounced checks.

I'm not saying that banks should do all this for free (though I'd like it if they did), I am saying though that this mess is definitely out of control

Technorati Tags: fdic, overdraft abuse, shady banking tactics, overdraft

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