How is this Legal?
August 20, 2008
Shouldn't these practices be felonious?
[F]inancial institutions collected more than $17.5 billion in overdraft fees last year, reports the Center for Responsible Lending, a nonprofit policy group.
Contrary to popular belief, using a debit card won't prevent you from overdrawing your account. Debit card use triggers 46% of all overdrafts, according to the Center for Responsible Lending. "They allow the debits to go through, instead of rejecting them," says Ed Mierzwinski, consumer program director for the U.S. Public Interest Research Group. "It's disgraceful."
Freedom of contract, right? Even though everyone's definition of debit cards means "same thing as cash." Even though you can show survey after survey showing that people believe that if there isn't any money in his or her debit account, then a charge will not go through.
Somewhere some bank hid a sentence in some 100,000 word contract. So the bank is just acting pursuant to its contract. Give me a break.
Anyone who reads C&F consents to having spyware installed on her computer. You consented to it, simply by visiting here. What, you mean you didn't knowingly consent to that? You read no such thing? You didn't actually realize that you were consenting to that? You mean it would seem unreasonable to consent to such terms? Too bad. I hid this agreement somewhere on the Internet. Some Russians needed your credit card information. Who am I to deny them?
That banks are allowed to steal billions from customers each year just proves what a farce modern politicians are. They claim to care about the working and middle class. Well, guess what: It ain't people in the upper economic classes who get hit with overdraft fees. It's the working class and middle class.
Yet no one will do anything about this. What a scam. How anyone can "believe in" either Obama or McCain is just amazing. They are both total scamsters bought and paid for by big banking. If banking owns shares of both of them, who else is a shareholder? Really. Think about that for a minute.
Whenever people talk about Obama or McCain being useful men, I agree. When people talk about them being good men, I just roll my eyes. It really does amaze that adults still hold on to such silly superstitions.