Word: overdraft
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Under the Fed’s new regulations, companies must now make debit-card policies—especially fees—explicitly clear through frequent notices to customers, without whose permission overdraft charges can no longer be issued. While these notices have yet to circulate, they are thankfully required to be lucid, clear, and forthcoming with the full extent of policies regarding fees. We hope that these new measures will have their desired effect and reduce the exploitation so common under previous card-company policies...
...system requires banks to clearly explain overdraft charges to their consumers, and it also requires permission to offer the service in the first place. Requiring permission will make the customer a more active participant in the process of acquiring and, yes, understanding the use of a debit card—an essential step in liberating huge numbers of Americans from the confusion that has all too often translated into customer abuse...
Indeed, these banks ought to acknowledge that the government saved them. For starters, they ought to stop gouging the vulnerable among us with overdraft fees and credit-card games. "Reform" is supposed to take effect early next year, but banks have accelerated their gouging since the legislation passed...
Although banks have tried to educate the poor on how to manage an account, they need to do a better job adapting their business to what this population truly needs. For one thing, the overdraft and late fees that banks pile on are an unacceptable risk to the unbanked, who can't afford to lose access to their funds. Check cashers prefer the term self-banked for these customers and say they are wise to steer clear of banks for exactly these reasons. "Check cashing is very popular because even though the costs are very high, there is certainty...
Reports that Rocket Man Elton John's financial engines were failing, that his $50 million overdraft was soaring, and that he was dumping assets to stay afloat were dismissed as "illusory" by his business ground controller, Frank Presland. "I wish I had Elton John's financial problems," he said...