Published by admin on 21 Sep 2009
Hidden Bank Fees
By Binyamin Appelbaum and Nancy Trejos
MSNBC/Politics/Washington Post
| “She discovered that she had been charged five separate $36 fees for spending more than she had in her checking account.“ |
banks under fire for ‘criminal’ overdraft fees
Backlash brews as Dems target bailed-out firms that rely on hidden charges
According to the following article posted today on MSNBC News:
“A backlash is brewing on Capitol Hill against banks that charge large fees for overdrafts without asking or telling customers, the latest sign that the financial crisis is shifting the balance of power from banks toward borrowers.
“Banks struggling to survive have become increasingly reliant on the fees, which could total $38.5 billion this year. Furthermore, many banks process transactions in ways that increase the number of overdraft charges, for example by debiting large transactions before small ones, exhausting available funds more quickly”. Read Article.
Are you surprised? Not if you maintain a checking account or use a debt card.
