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Banks Made $6.4 Billion in Overdraft Fees Last Year -- Where's the Public Outrage?

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There will be no outrage because the people are happy the banks cover there check before it bounces and happily pay the price and the banks love it.

 

http://www.truth-out.org/news/item/43279-banks-raked-in-6-4-billion-in-overdraft-fees-in-2017-where-s-the-public-outrage

The Big Three banks -- JP Morgan Chase, Wells Fargo and Bank of America -- raked in an astonishing $6.4 billion in overdraft fees alone last year. Stop a moment and think about that: Each overdraft, on average, costs customers $35, an amount that gets multiplied with each subsequent purchase no matter how small.

We're talking about the world's most bloated financial giants growing even fatter and richer off the backs of people who are already broke, by charging them additional fees for money they already lack. Specifically in 2017, that meant about 183 million charges of $35.

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notgoingtorespond

Lol after reading thread title I came to say there will be no outrage. People will sit idly by while the water comes to a boil.

But I see you have it covered in your first sentence :D

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If you agree to it at signup, you don't have a case.

 Join a CU with automatic overdraft. They cover 6 checks and no fee till 7.  If you don't have your finances together enough to not notice 6 overdrafts, you've got bigger issues in life.

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They also make 35.00 a pop for each fee on credit cards, not just bank accounts. I paid a ccard by phone and they had a system glitch. It did not pay the change, it was 36 cents. Next statement I had a 35.00 charge on there for not paying the amount due. I called them and said I paid it all and they admitted they knew about the glitch. And took it off the bill. How many people just pay the bill and don't notice something like that? 

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33 minutes ago, Cinnamon said:

They also make 35.00 a pop for each fee on credit cards, not just bank accounts. I paid a ccard by phone and they had a system glitch. It did not pay the change, it was 36 cents. Next statement I had a 35.00 charge on there for not paying the amount due. I called them and said I paid it all and they admitted they knew about the glitch. And took it off the bill. How many people just pay the bill and don't notice something like that? 

I have noticed more "glitches" happening on bills. Years ago I rarely had a problem. Now it seems like I have to call to get something corrected every other month.

Paying attention will save you money these days.

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1 minute ago, JRock said:

I have noticed more "glitches" happening on bills. Years ago I rarely had a problem. Now it seems like I have to call to get something corrected every other month.

Paying attention will save you money these days.

Yeah, with all their tech and $ to make a functional system, it's happening way too often. 

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You wind up in a waiting game til the end. The signs are there regardless of who is in office it doesn't matter imo. The balance is off by God's design as a warning to all 

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You have to obtain money for goods and services. Well it's obviously subject o abuse of power. If it's used by anyone or anything without oversight then you have a detrimental effect 

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