http://www.creditinfocenter.com/wordpress/2009/11/18/federal-bank-adds-new-regulations-on-overdraft-fees/ For the Up To Date News Tue, 07 Feb 2012 22:26:40 +0000 hourly 1 http://wordpress.org/?v= http://www.creditinfocenter.com/wordpress/2009/11/18/federal-bank-adds-new-regulations-on-overdraft-fees/comment-page-1/#comment-4068 Mr. Bitter » Blog Archive » Chase what matters Tue, 23 Feb 2010 19:24:03 +0000 http://www.creditinfocenter.com/wordpress/?p=5308#comment-4068 [...] The Federal Reserve recently issued new regulations that banks can’t automatically charge bounce fees like they have been. When I started out at Great Western 16 years ago, you paid $5 if you bounced a check and it wouldn’t be paid. Now, they’ll pay up to $1,000 worth of bad checks (and ATM withdrawals) and charge you $35. It’s an out-and-out profit funnel for the banks, a complete scam. The plan was to get people used to having their bad checks paid so they can “take advantage” of the most usurious loans ever offered - it works out to an interest rate over 500 percent in many cases. [...] [...] The Federal Reserve recently issued new regulations that banks can’t automatically charge bounce fees like they have been. When I started out at Great Western 16 years ago, you paid $5 if you bounced a check and it wouldn’t be paid. Now, they’ll pay up to $1,000 worth of bad checks (and ATM withdrawals) and charge you $35. It’s an out-and-out profit funnel for the banks, a complete scam. The plan was to get people used to having their bad checks paid so they can “take advantage” of the most usurious loans ever offered – it works out to an interest rate over 500 percent in many cases. [...]

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