Banks make record $38 billion in overdraft fees


At BofA, a customer overdrawn by as little as $6 could trigger a $35 penalty. If the customer does not realise they have a negative balance and continue spending, they could incur that fee as many as 10 times in a single day, for a total of $350. Failing to repay the overdraft within a few days results in an additional $35 penalty.

How do ya like them apples?

Why anyone still keeps their money in these banks is beyond me.  Oh wait.  If you have a low credit score, you can’t open a new account anywhere else.  So if you’ve had the dominos start to fall, thanks to these banksters like those who run BofA and others, you are stuck with them and their goddamn thievery.

http://www.ft.com/cms/s/0/43d1…


Data from Moebs Services, a research company, show that the crisis has prompted many banks to lift charges on overdrafts and credit cards in order to boost profits.

The median bank overdraft fee has this year rose from $25 to $26, according to Moebs, the first time it has gone up in a recession for more than 40 years.

“Banks are returning to a fee-driven model and overdraft fees are the mother lode,” said Mike Moebs, the company’s founder.

Hit ’em when they’re down.  That’s a great business plan.  It’s the mother-lode, baby!  Woo Hoo!  


The highest overdraft fees were charged by the largest banks, said Mr Moebs. At banks with assets greater than $50bn – a group including Citigroup, Bank of America, JPMorgan Chase and Wells Fargo – the median overdraft fee is set at $33.

So those “too big to fail” continue to do whatever the fuck they want, because, hell, these banks can’t even fail if they wanted to.   They tried to fail!   Congress wouldn’t let them!   So why not do whatever the hell pops into your head to rip people off, who’s going to stop you?

In the meantime, three more little banks, I guess those who were “small enough to fail” did in fact fail on Friday.

That brings the total for the year to 72.   Yup, 72 banks small enough to fail, while the Big Boys just do whatever the hell they want.  

In other news, Obama has lost Dailykos, which is the equivalent of George Bush losing the Freepers.   Now, we have “Everybody Hates Barry” playing out in Washington.  The right hates him, and his most devoted followers are completely disillusioned and crestfallen with him, talking about being “in tears” over his actions.  They like to cry.   Crying and cats.  I don’t get it.  

http://www.dailykos.com/storyo…

What is he doing?  He’s doing exactly what he’s supposed to be doing, being an errand boy for the corporate elite that put him in power.  That’s what he’s doing.   He’s there to let Goldman bail out Goldman.  

Oh, and let’s not forget that a British General has just come out and said that the “mission” in Afghanistan is going to take a good 40 years to “complete”.     He’s probably being optimistic.

4 comments

Skip to comment form

    • Inky99 on August 10, 2009 at 8:46 am
      Author

    except maybe his wife.  And Rahm, who loves giving us the finger.  

  1. fee when I was trying to close an account and was off by a few $.  The thing about overdraft fees is that if you don’t pay them, you may never get another account–they put you on a list.

  2. BoA will FEE YOU TO DEATH, and then you have to go round and round with them to prove the overdraft fees weren’t your fault.

    Charges on stolen debit card: $800.00

    Bank of America overdraft fees: $1500.00

    Telling Bank of America to fuck off and die after a full two weeks worth of wanking around with them: priceless

Comments have been disabled.