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#1967060 - 10/04/14 12:49 PM
Hope the CFPB isn't paying attention...
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Power Poster
Joined: Nov 2008
Posts: 4,132
Somewhere in the middle
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If your banks are on this, 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
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Power Poster
Joined: Jun 2003
Posts: 7,659
Florida
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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
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Power Poster
Joined: Feb 2005
Posts: 5,349
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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...
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Gold Star
Joined: Apr 2012
Posts: 264
one state over
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It's good to see that it's still not the customers fault that they get charged overdrafts /sarcasm
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"Strip the Flesh, Salt the Wound" - Krieg
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#1967102 - 10/06/14 01:37 PM
Re: Hope the CFPB isn't paying attention...
DD Regs
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100 Club
Joined: Aug 2013
Posts: 116
Texas
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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...
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10K Club
Joined: Aug 2002
Posts: 34,318
under the Lone Star
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Indeed, finer clay.....and they put their pants suits on two legs at a time!
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Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.
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#1967184 - 10/06/14 05:11 PM
Re: Hope the CFPB isn't paying attention...
noelekal
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Power Poster
Joined: Jul 2002
Posts: 5,568
New Jersey
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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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Management is doing things right; leadership is doing the right things. Peter Drucker
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#1967186 - 10/06/14 05:14 PM
Re: Hope the CFPB isn't paying attention...
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10K Club
Joined: Aug 2002
Posts: 34,318
under the Lone Star
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https://www.cashnetusa.com/files/TX_CAB_Disclosure_Multi_300.pdfTexas 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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Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.
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#1967198 - 10/06/14 05:58 PM
Re: Hope the CFPB isn't paying attention...
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100 Club
Joined: Aug 2013
Posts: 116
Texas
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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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"The further a society drifts from truth, the more it will hate those who speak it." --George Orwell
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#1967203 - 10/06/14 06:13 PM
Re: Hope the CFPB isn't paying attention...
DD Regs
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10K Club
Joined: Aug 2002
Posts: 34,318
under the Lone Star
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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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Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.
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#1967263 - 10/06/14 07:40 PM
Re: Hope the CFPB isn't paying attention...
DD Regs
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100 Club
Joined: Aug 2013
Posts: 116
Texas
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" ... which was possibly sold by her parents ..."
Or perhaps repossessed for non-payment, if the truth were told?
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"The further a society drifts from truth, the more it will hate those who speak it." --George Orwell
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