11 Aug Bank Overdraft Fees Are Going Up Again !
In October of 2008, I wrote: 2008 will be remembered as the Year of the Bank Fee. Well, I was wrong. 2009 will be the year of the bank overdraft fee. According to an article that I read at CNN money, bank overdraft fees could exceed $38.5 million dollars. The scary part of the article is that these fees will be paid by just 10% of the population. Shockingly, those people are the hardest hit in the economy right now. They are the ones who are out of work and cannot pay their bills. The last thing they need is for their bank to tag them with just another fee.Overdraft fees have become very big business. In the 2008 article, I was concerned about every type of fee charged by the banks, and at that time, no-one in Washington was speaking about a Consumer Financial Protection Agency. Not even I, with my wild imagination, would have conceived of a new Federal Government Agency with the mandate of protecting consumers. What would this agency do? God only knows and that is the topic of a whole new blog.
Let’s face it, banks are in survival mode and will continue to do anything within their power to become profitable again. It will only be a matter of time until people will revolt against large bonuses when banks are losing money. Oh wait, that already happened. Now, we see where that money actually comes from to pay those big bonuses, the small guy who is getting gouged all across the country.
So, you ask yourself, who is really going to pay for all of these bank fees. You guessed it: Joe six pack. The guy President Obama vowed not to raise taxes on. But isn’t a bank fee a tax as well? Sure it is, but we don’t call it a tax because the money is not really going to the government. But wait, aren’t the banks owned by the Federal Government. No, the banks just took out a loan. Oh I see, the banks are going to pay it back someday. So, isn’t this money, in some way, shape or form going back to the Goverment? Yea, but we are not supposed to know that.
Written by Carmen Dellutri, Esq. The Dellutri Law Group, P.A.
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