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#1967060 - 10/04/14 12:49 PM Hope the CFPB isn't paying attention...
DD Regs Offline
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Somewhere in the middle
If your banks are on this, eek you may want to start preparing your defense.

Your Neighborhood branch makes $1million in fee income.

"Fort Sill National Bank, the worst of the Wal-Mart banks, generated $20 of fee income for every $100 of deposits last year. And most of those fees come from overdrafts. The story described a woman who needed to borrow $300 for 12 days. At Fort Sill National Bank, that would cost her $19.50."

From the same article...

"But Bank of America (#4 on the list) generated nearly $1 million ($986,652) in fees per branch last year. And, unlike Fort Sill Bank (which charges $19.50 for a 30 day overdraft), Bank of America’s overdraft policy would charge $35 at the time of the overdraft, and then another $35 every 5 business days that your account has a negative balance. The same $300 overdraft would cost $70 at Bank of America, compared to $19.50 at Fort Sill National Bank. "
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#1967061 - 10/04/14 01:29 PM Re: Hope the CFPB isn't paying attention... DD Regs
Rocky P Offline
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Interestring information - thanks

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#1967079 - 10/06/14 12:13 PM Re: Hope the CFPB isn't paying attention... DD Regs
Sound Tactic Offline
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they aren't
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#1967099 - 10/06/14 01:32 PM Re: Hope the CFPB isn't paying attention... DD Regs
DoS Offline
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one state over
It's good to see that it's still not the customers fault that they get charged overdrafts /sarcasm
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#1967102 - 10/06/14 01:37 PM Re: Hope the CFPB isn't paying attention... DD Regs
noelekal Offline
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It is supposed that banks are instead supposed to just give $300 to anyone who needs it. We're reduced to being a "service organization."

In his magnum opus, The Law, Frédéric Bastiat wonders about the nature of the bureaucrats responsible for onerous regulation: “If the natural tendencies of mankind are so bad that it is not safe to permit people to be free, how is it that the tendencies of these organizers are always good? Do the legislators and their appointed agents not also belong to the human race? Or do they believe that they themselves are made of a finer clay than the rest of mankind?”
Last edited by noelekal; 10/06/14 02:47 PM.
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#1967148 - 10/06/14 04:03 PM Re: Hope the CFPB isn't paying attention... DD Regs
Pale Rider Offline
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under the Lone Star
Indeed, finer clay.....and they put their pants suits on two legs at a time!
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#1967163 - 10/06/14 04:41 PM Re: Hope the CFPB isn't paying attention... DD Regs
Bankbb1, PITA Offline
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The Sovereign State Of Oklahom...
I have posted my own thoughts on the website in question...adn now I'm waiting for the hate mail. laugh
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#1967173 - 10/06/14 04:54 PM Re: Hope the CFPB isn't paying attention... Bankbb1, PITA
edAudit Offline
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You are here
Can you image someone tried to link the bank charging a fee causing one to join ISIS eek shocked confused tired sleep laugh
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#1967184 - 10/06/14 05:11 PM Re: Hope the CFPB isn't paying attention... noelekal
Sinatra Fan Offline
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Originally Posted By: noelekal
In his magnum opus, The Law, Frédéric Bastiat wonders about the nature of the bureaucrats responsible for onerous regulation: “If the natural tendencies of mankind are so bad that it is not safe to permit people to be free, how is it that the tendencies of these organizers are always good? Do the legislators and their appointed agents not also belong to the human race? Or do they believe that they themselves are made of a finer clay than the rest of mankind?”


Excellent quote! Hits the nail right on the head.
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#1967186 - 10/06/14 05:14 PM Re: Hope the CFPB isn't paying attention... DD Regs
Pale Rider Offline
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https://www.cashnetusa.com/files/TX_CAB_Disclosure_Multi_300.pdf


Texas is the center of the universe for payday and auto title lending. That same $300 overdraft at BofA resulting in $70 in fees, would cost nearly double the original loan amount per this official disclosure form in Texas.

The APR is 499%.
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#1967198 - 10/06/14 05:58 PM Re: Hope the CFPB isn't paying attention... DD Regs
noelekal Offline
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On the other hand ... who, among the do-gooders and government bureaucratic types who are "faunchin' at the gills" over the injustice of it all, is going to open his pocketbook and lend out $300 a pop, at what he believes to be a fair rate of return, to the types of people who make use of these types of banking products?
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#1967203 - 10/06/14 06:13 PM Re: Hope the CFPB isn't paying attention... DD Regs
Pale Rider Offline
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under the Lone Star
c'mon Noel! We all know the Post Office will be offering these $300 loans. It will cost the PO double that to book the loan, and then when the loss experience is about 30%, you know where the Post Office will get the money to cover its losses.

YOU!
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#1967211 - 10/06/14 06:23 PM Re: Hope the CFPB isn't paying attention... Pale Rider
edAudit Offline
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You are here
yes, but requiring individuals to pay their debt has cause embarrassment for Ms Warren personally when; as a child was forced to ride to school in the family hoopty instead of the much nicer station wagon which was possibly sold by her parents (facts were intentionally omitted to pass blame on the banks)when they no longer could afford it. laugh
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#1967263 - 10/06/14 07:40 PM Re: Hope the CFPB isn't paying attention... DD Regs
noelekal Offline
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Texas
" ... which was possibly sold by her parents ..."

Or perhaps repossessed for non-payment, if the truth were told?
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