Enough is enough. Let’s abolish overdraft fees, writes columnist Davidlaz. 'They’re little more than cash grabs, serving no purpose but to fatten bankers’ already bulging pockets.'
Discover announced this week that its online bank will no longer charge a number of fees, including one for insufficient funds. Other banks should do the same.
“Banks have turned overdraft fees into a revenue-generating machine,” said Rebecca Borné, senior policy counsel for the Center for Responsible Lending. “It’s going to take comprehensive regulatory reform to change this.” More than $65 billion of that income came from “non-interest” sources — which is to say, for the most part, fees.
Along with eliminating a host of fees, Discover said it will offer checking and savings accounts with no monthly maintenance charges, as well as free orders for checkbooks and replacement cards. The industry defends overdraft charges by saying many people appreciate not having checks bounce or payments declined, and there’s a cost to providing such a service.
By law, banks are required to get customers’ permission before levying such charges, meaning that you’re supposed to opt in before overdraft protection will be provided. But consumer advocates say banks often hide such approvals amid other transactions, causing many people to inadvertently sign off on overdrafts .
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
https://www.instyle.comInStyle is the leading site for celebrity style. See expert fashion advice, star hairstyles, beauty tips, how-to videos and real-time red carpet coverage.
Consulte Mais informação »
Enough with the Ridiculous Extra-Long Grill Tools Already!You don’t need the goofy oversized grill tools they’re always hawking at the hardware store—here’s what to buy instead.
Consulte Mais informação »
Something I Can't Recommend Enough: Fighting With Your Partner Over EmailNow that anniemarie_ and her husband don't do it face to face, they argue super productively.
Consulte Mais informação »
Ben Affleck Making Sure He's 'Healthy Enough' Before Dating AgainJennifer Garner may be all romance with boyfriend John Miller, but Ben Affleck is focusing on his health before getting back on the market.
Consulte Mais informação »
Eating Enough Fruits and Vegetables Can Prevent Millions of Deaths Each YearA lack of fruits and vegetables has been linked worldwide to millions of cardiovascular-related deaths.
Consulte Mais informação »