“Despite the new opt-in rule, overdraft fees continue to be a costly pain in the neck for millions of Americans.”(Daily Finance, 2011)
Have you ever experienced overdraft fees? Has the two dollar cup of coffee cost you thirty five dollars in overdraft fees. Well that is all a thing of the past, because of the new regulations set forth by federal regulators right…wrong. "It is exceedingly difficult for the average consumer to find the basic information needed to either select a checking account or to responsibly manage the one they currently have,"(Daily Finance, 2011) said Shelley A. Hearne, managing director of The Pew Health Group. You can still be on the hook for over draft fees and not know it; you need to read the fine print and ask questions. Did you know that overdraft fees could be assessed to your account? How you may be wondering it works like this; if you had an auto debit coming out every month as a reoccurring payment even if you did not opt-in you could still be charged I bet you didn’t that. consumers are ill informed and they need to take some responsibility for their actions. They don’t care about the fine print and expect there errors to be returned to them no questions asked.
Banks are in it to make money just like any other business that is what consumers fail to understand. The services that the bank provides you cost money: online banking, customer service centers, branches, printed material…etc. Banks need to charge you fees to pay for these services and still make a profit. That is where overdraft fees come in. Consumers need to educate themselves and be responsible for monitoring their accounts the banks will not do it for you.
NANCE-NASH, SHERYL. (2011). Bank overdraft fees still plague american consumers. Retrieved from http://www.dailyfinance.com/2011/05/13/bank-overdraft-fees-still-plague-american-consumers/
Jerry B