[quote=briansd1]Let’s look at toxic credit, jstoesz.
Why not ban banks from providing automatic overdraft protection. How is that to people’s benefit to be given the “benefit” of charging a $2 cup of coffee while paying a $10 bank fee for the privilege?
The banks should simple decline transactions over the limit. The consumer doesn’t buy the product and is better off.
How it is beneficial to allow banks to charge exorbitant fees while encouraging Americans to get further and further into debt?[/quote]
If people want, they can join a credit union or other entity they feel is non abusive. Why should you have an opinion on the matter?
Question Brian, do you like free checking? That service is paid for by other fees.
Now I am no lover of banks, personally I find them horribly corrupt. The solution is not to regulate their every action, because they will just find a new way to get their money (see BofA and their debit fees). I think we should have let them fail, not continue on in their dishonesty and general screwing over of the American public. The fact that we haven’t fixed the accounting rules yet is simply mind boggling. Bank sheet transparency anyone?
If people do not learn to watch out for those hidden fees when very little is on the line, imagine how stupid they will feel when their ARM blows up…
