[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]
Because there are disorganized people in this world that really do want overdraft protection, because bouncing a check is more than $10…It’s more like $25-30 return check fee, and a blackmark about writing a bad check…People can always opt-out of overdraft protection if they so choose, but it’s there because it’s a service. If people don’t want to use the service and use the terms of the service, than opt out…
This is ridiculous…By this logic, we should ban cell phone companies from charging $50-90/month for data services in order to get a subsidized iphone….
Same could be said for those ATM fees… If you don’t want to be charged for an ATM usage, than carry cash or credit card…..or switch banks to one that doesn’t charge a fee and treats customers better. I love charles schwab. Because i can get cash out of any atm and they reimburse all the fees, even overseas…. And Schwab is the perfect example of what happens when you treat customers right….A couple years ago, when they were run by David S. Pottruck, customer service was dismal, and they really ticked me off to the point I was really close to leaving. When Schwab took over, customer service was back…And I have to say, it was a welcome change….Walter W. Bettinger is alright.
