Comments on: Proposed Debit Card Regulations Could Cause 1,000 Banks and 2,000 Credit Unions to Fail

By: Rachel

Rachel — Tue, 02 Mar 2010 13:04:52 +0000

As a banker, you'd be surprised how many of my customers CHOOSE to overdraw their accounts and eat the fees just to have access to cash. We proactively offer overdraft protect for FREE to every customer, yet the amount of income generated from 100% PREVENTABLE fees is amazing! These fees are disclosed up-front at account opening. Anyone who complains about a completely avoidable fee needs to sit down and take a look at their spending habits and stop blaming the banks, which happen to be FOR PROFIT organizations, for their legitimate charges.

By: stephanienmo

stephanienmo — Thu, 10 Sep 2009 18:38:52 +0000

What about people who have the money in two seperate accounts, such as checking and savings? If I overdraft in my checking account they take it out of my savings. Should I get charged for money my bank already has?
http://www.newsy.com/videos/debit_card_woes

By: Rick Harris

Rick Harris — Thu, 10 Sep 2009 14:14:02 +0000

Any bank that has to rely on overdraft fees to remain solvent, is already INSOLVENT, and should be closed down. Any consumer who places their hard earned money into a bank like that, is playing Russian Roulette with their own finances. Look at what happened to Indy Mac: They were taken over by the Fed, and customers could not get to their money for days. Banks? Get real! Get out of the business, and stop stealing from your customers. Provide a REAL service, and charge for it fairly, then maybe you will make some REAL money.

By: Mark in NY

Mark in NY — Thu, 10 Sep 2009 13:30:42 +0000

Not disputing fees should apply, in general, but if your business model RELIES on collecting such fees on a regular basis I call into question your entire ethical base. How about a simple throttle on accounts that don't permit the overdraft in the first place? Regular credit card purchases are declined in such cases. The lack of such a check stinks in a very suspicious way.

By: jeffinsocal

jeffinsocal — Thu, 10 Sep 2009 12:17:36 +0000

Preying upon? People who overdraw their account (make purchases with money they DON'T HAVE) are essentially taking a loan from the bank. Fees should apply.

By: Mark in NY

Mark in NY — Wed, 09 Sep 2009 21:32:13 +0000

If they rely, like vultures, on preying upon people's mistakes to remain solvent: good riddance. Glad to see them weeded out of existance.