I dont personally use debit card's myself ... but I know many that do. This is something also that bank's and loan companies also fear of this new administration, as far as new regulation's being legislated, and imposed.
***** NEW YORK TIMES: Bank of America Plans to End Overdraft Fees on Debit Card Purchases ... (newsread)
Back year's ago they accused mobster's/ wiseguy's and so forth of running loan shark operation's ... even called many folk's in them trade's and practice's "criminal's". Today ... it has been a common and acceptable practice. This clip in short show's the "bite/ scam" here ... and how the objective is to get you the customer within the "cycle". I've known many folk's, neighbor's ... who have got caught in these and other loan cycle's ... keeping them paying out from paycheck to paycheck. This is a multi- billion dollar annually operation. Shameful that one of our troop's had to be the example.
The choice is all your's .... THINK ....
POST NOTE: I wanted to also point out here ... (I replaced original video) that Bank of America in their statement that this is simply a case of "Extreme Circumstance" is rubbish, everything is designed to milk the customer as much as possible these day's.You see today more tele commercial's for Bank of America than any other in year's ... more naming right's, more of everything ... remember ... these are some of the same folk's that whined they needed money ... there is nothing rare about this circumstance ... it is common amongst most major financial institution's ... and the only reason they responded how they did ... and had their flunky spokesperson explain it all, is because it got national coverage ... and most importantly because it was a man in uniform in active duty ... most people they would put on hold or tell them to "shove it" if they dont like it ... I'll tell you the most rare thing in our society though ... "truth". THEY LIE!!!! .............. : )
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2 comments:
$35 is ridiculously high, but it seems pretty easy to avoid fees like this just by making sure you never go into overdraft. I use a debit card a lot, but I've never had one of these fees, because I keep careful track and make sure I never spend money that isn't there.
Well...indeed I must admit you have a very solid point there, one thing that many fail in is self discipline...it almost like a disease or virus.I have my own fault's as well in this area, on other thing's.
My daughter for instance...back a few year's ago was hit with the overdraft "once" only from her bank on a debit card I recall, while still attending university, she only had a part time job at the time...so she learned real quick to keep "track" of her statement's,spending etc.,as you apparently do. :)
Here's part of what the catch is here...many for instance that I personally know who got bitten hard, was because they have low income's...and they live from paycheck to paycheck...may have a checking account but certainly dont have a saving's account or any kind of nest egg for that matter. They need something...they take out despite the overdraft charge and simply look at it as a loan of sort...which in way...it is like taking out a loan. They say to themselves...I'll catch it next payday...they do...then something else come's up a couple week's later that make's them really need that of what they owe, they borrow on the borrowed so to speak...bad planning or whatever. Well in short over the year's...bank's knew this is the case...and they alway's look for thing's to make a buck...sfter all that's what their in business for...so they are alway's scouting for weaknesses and vulnerabilities..they find them and capitalize off them. What amplifies the problem...is when you dont have too strict of regulation,cap's,guideline's etc. It is incentive to go for the gusto...and milk to the max. Making loan's and collecting fair fee's is one thing .. and making a fair profit, that's what business is all about, but as I said before in every area of the financial sector these day's...you just have solid abuse, and what I term as "extreme greed". This is why I am so strongly for financial reform...because it is clear as day what is happening.For average people to practice these way's we would be criminalized and penalized, they should be as well...but legislation...which their attorney's write to propose exemplifies them.I was thrilled when Bush's plan for privatization of social security went out the door for instance...this guy was about the most vicious I ever seen in my life on a political level when it come's to draining every drop of surplus and gvmnt money even. When I voted for this character...I never even thought that I would have to worry about that...instead I was worrying about silly crap like his religious belief's being to strong or whatever...not even remotely expecting him to be the shark he really was.
Thanx Mr.Infidel for your comment's here..........
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