From EarthTimes.org
Banks Reap Huge Profits From Overdraft Fees on 'Free Checking' Accounts
Posted : Mon, 19 Nov 2007 18:31:49 GMT
Author : California Reinvestment Coalition
SAN FRANCISCO, Nov. 19 /PRNewswire-USNewswire/ -- Banks are robbing their customers blind with overdraft fees. It is modern day usury to allow customers to spend money they don't have and then charge them excessive fees without their consent, as banks do with overdraft fees. The California Reinvestment Coalition (CRC) released a report today that reveals how the complicated and deceptive overdraft policies at California's biggest banks allow them to reap huge profits from their mostly working class account holders.
"The free checking accounts that banks advertise are not really free. Customers are lured into debt traps by being allowed to use their debit/ATM cards even when there is no money in their account," says CRC Senior Policy Advocate Rhea Serna.
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By using IPM pre-paid, stored value cards instead of bank accounts, unknown fees can be avoided.
Tuesday, November 20, 2007
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