Banking scum

[Photo from Digital Economy]

This comes from my friend, Jim Hightower.

Evidently, a lot of people have given up using credit cards because it is just too easy to ring up a huge debt in a very short period of time.

So, they've gone to debit cards, which means that when they purchase something, the funds are immediately withdrawn from their bank account.

Makes a lot of sense.

There's a joker in the deck, though. You can't buy something if you have no money in your account. The bank sends back a reject notice, and you're out of luck.


Aha! The bank scum have figured out a new deal to screw over their customers. Hightower puts it this way: "...banks have created 'overdraft protection' programs that let debit-card customers charge more money to the card than they have in their accounts. They can do this without telling you." [Emphasis mine!]

What that means for us poor, stupid consumers, is that the bank nails us with a $35 overdraft charge. And, god forbid, you should not pay that overdraft fee on time, you get nailed for another $35 - a late fee!


Hightower notes that last year banks made about $32 billion on bounced check fees. But not so much this year as people are being more cautious so as not to bounce checks. So the banks have bumped up their charges for bounced checks to $39.

But there's more.

"Meanwhile," says Jim, "Bank of America has doubled its basic checking-account fee, and Citibank charges up to 29.99% interest on credit cards."


Just remember all this when you see that advertisement with the smiling banker who wants to be your friend and have you put your money into his/her bank and lend you whatever amount you need to start a new business or buy a house.

Hah! Try to get a loan these days!

Banking scum! Feeding off of Repugnican unfettered "capitalism."