Edited by board administrator January 20, 2016, 9:42 pm
Good info, thanks.
This is pretty shocking, makes loan sharks look like amateurs.
"The CFPB study notes that if someone borrowed $24 for only three days and
paid an overdraft fee of $34, that "loan" from the bank would carry a whopping
17,000% annual percentage rate."
A couple years ago I went to Banamex to pay my taxes by check, I asked the
teller how much was in my account? She said I had to go to the services window
to get that information. Not wanting to get into that line then start over in
the teller line I took a chance and wrote the check. She told me there was
not sufficient funds and charged my account $900 pesos on the spot!
I wonder what their overcharge and not sufficient funds are on credit cards? I imagine
pretty steep. When I use the machine at the bank it is pretty common to see locals
trying to get money out and walk away empty handed, hopefully they are not being
charged each time they check to see if someone has deposited the money they are
Also note able "America's big three banks made over $5.1 billion last year
from overdraft fees alone". This is what politicians should be focusing
on more than ATM fees, I bet it would get a lot of votes from the poor.
"The typical overdraft fee is $34, yet a CFPB study found that the majority
of overdrafts occur on transactions of $24 or less".
This article is based on analysis by SNL Financial and CNNMoney.
There is also a link to The Consumer Financial Protection Bureau. I looked
for the database but couldn't find it. I would like to run an analysis that
breaks down the overdraft charges by the average balance in the account so I
could see who is paying the most, probably those with the least. I would
imagine that the overcharges also spike when the lotto gets into the hundreds
of millions. Sad on sad.
Recently I watched this documentary called The Human Face on Big Data,
now if the average person can just get access to the databases so we can
do whatever analysis we want, that would balance things out some.
Here is the trailer
This loads pretty slow, you can start it then pause while it loads.
Or download it to your computer using the link on the page
Source - https://www.reddit.com/r/Documentaries/comments/41pbhn/the_human_face_of_big_data_2014_with_the/
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