SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Politics : Actual left/right wing discussion
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: michael97123 who wrote (51)9/5/2006 8:37:16 PM
From: cirrus  Read Replies (3) of 10087
 
But the government will set the rules that provide the protection, correct? Uh... somehow that doesn't inspire my confidence.

The financial institutions will lobby to get the rules they want, and they will get what they want. I just read something in the US TODAY last week about overdraft rules... someone overdrew their account via a debit card. The banks are under no obligation the notify you of overdrafts.

The bank covered the overdraft - for a $39 fee - and tacked on a $39 for each of the 12 following overdrafts. They then tacked on a $6 perday fee for each day the account was in an overdraft condition - the total came to over $500 in fees. That's robbery and hurts those least able to afford it and most likely to get into the overdraft situation in the first place. The corner loan sharks didn't charge that much for loans when the mob was into that business.

I just don't buy the "mucho protection" statement.

My idea is private accounts with mucho protection
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News