The NCLC also found that the median debit card overdraft is only $20, while the median amount for all overdrawn transactions is $36. Thus, in many cases, the fee is larger than the amount being overdrafted.
In recent years, a some of the larger banks have made no secret of the fact that the average checking account-holder is not a source of profits, and have tried to institute things like monthly fees for debit cards, a number of which have resulted in public backlash.
Meanwhile, the NCLC says banks have realized the potential for profit in customers with accounts on the brink of overdraft, instituting systems that make it easier for these consumers to cross that threshold.
Such changes include the extending of overdrafts to debit and ATM card transactions. Previously, the standard had been to not allow customers to cross into overdraft territory in this way. Then there’s everyone’s favorite — re-ordering transactions so that the purchases with the highest dollar amounts are processed first, thus making it more likely to push the customer across the overdraft threshold. Additionally, since some banks charge a fee per transaction, each of the smaller overdrafts results in a separate $35 fee.
Congresswoman Carolyn Maloney introduced legislation in March to address this and other issues regarding bank overdraft fees, but the NCLC believes that the federal Consumer Financial Protection Bureau has the authority under the CARD Act to rein in these fees.
The Act requires that credit card fees and penalties be “reasonable and proportional” to the violation for which they are imposed, but this regulation is not placed on debit transactions.
“The CFPB now has authority to issue regulations to interpret the Credit CARD Act,” explains the NCLC. “The CFPB could apply the reasonable and proportional standard to overdrafts accessed by debit cards by treating them as ‘credit cards.’”
In the broader picture, the NCLC holds that the CFPB could use its consumer protection authority to rein in overdraft fees, regardless of whether or not a debit card is involved.
“There seems no better use of the CPFB’s power to ban unfair, deceptive, and abusive acts than to restore a centuries-old doctrine that still protects businesses – the more sophisticated and powerful entities – but not consumers,” writes the NCLC.
<It
is the ultimate centralizer of power and it is global. It has been
growing at a compound interest rate for centuries, and now this
incredible cancer is ready to devour the host body.
The European nations put up $4.5 trillion in handouts, easy credit and guarantees to 'save' their banks and the euro. The Fed provided an unimaginable $16 trillion dollars in easy credit to its banking buddies. Much of it was never repaid. This is 'necessary' because without banks we would not have money. So the West put up $20 trillion to have some bits and bytes and paper and coins circulate to exchange goods and services.
Surely the end of our civilization is near when we allow such rapacious plunder while there is no money to save the poor from starvation and the Earth from pollution.
SENSELESS
We think: "without interest there will be no credit! I would not lend if I didn't get anything back."
But the Money Power doesn't lend anything!
Money is just bookkeeping and credit is an automatic result of double entry bookkeeping, which by its very nature knows debit and credit.
The problem is not the creation of money! Quite the opposite: it's marvelous that we never need to have a shortage of money.
The problem is when the bookkeeper starts raping the debitor with interest for no other reason than the associated minus. And takes all this interest himself. Just for the service of bookkeeping!
We pay $300k in interest in thirty years for our $200k mortgage which was created by entering some numbers in a computer bookkeeping application!
GOLD SOLVES NOTHING
We don't want to pay $300k interest in coin! We want bookkeeping at cost-price! Interest-free!
Even in ancient times Gold and Silver were circulated by private parties. This is touted as a wonderful free market operation. But who circulated the specie? Those owning the mines, of course!
They circulated the metal by lending it out at interest and manipulated the volume from day one.
Today, nobody knows how much Gold there is. All the Gold mines are owned and controlled by the Money Power. Those owning the mines are the Money Power, that's how it all started. Vast amounts of Gold are in their vaults, ready to be unleashed onto the market through usurious lending, aiming to create asset bubbles, only to stop lending a little later to create a deflationary crash when people pay off their loans.
It is exactly the same way they create the boom-bust cycle with paper based money.
Just look at what they are doing to Gold today. They have been doing this forever.
The Golden Calf is the archetypal symbol of avarice; the Money Power is unthinkable without it.
WE WANT INTEREST-FREE MONEY
Jesus
admonished us to lend freely, expecting nothing in return. The Vedas
abhor usury. Moses forbade it. Half of the Q'uran is Allah threatening
severe punishment for those taking Usury.
Money is bookkeeping. We don't need interest for savers. The bank doesn't need savers. Debit and Credit are the two sides of the coin in bookkeeping. They are automatic.
Yes, the volume must be managed, but that is unavoidable. No monetary system can exist without managing volume. The problem is not management; it is allowing vultures to do it.
The reason we have a boom-bust cycle is because we allowed private parties, banks, to manage the volume in their own interest. They set up Central Banks to create the illusion of 'officialdom'.
Saying 'the market must do it' is saying the Plutocracy has been doing a good job over the last 5000 years.
We want interest-free mortgages, no income tax, no poverty. We want abundance, good will, a cultural rebirth, fairness and an end to P
Kill Usury! - See more at: http://henrymakow.com/2013/04/We-Forge-Our-Chains-With-Usury.html#sthash.wjA6owsN.dp
The European nations put up $4.5 trillion in handouts, easy credit and guarantees to 'save' their banks and the euro. The Fed provided an unimaginable $16 trillion dollars in easy credit to its banking buddies. Much of it was never repaid. This is 'necessary' because without banks we would not have money. So the West put up $20 trillion to have some bits and bytes and paper and coins circulate to exchange goods and services.
Surely the end of our civilization is near when we allow such rapacious plunder while there is no money to save the poor from starvation and the Earth from pollution.
SENSELESSWe think: "without interest there will be no credit! I would not lend if I didn't get anything back."
But the Money Power doesn't lend anything!
Money is just bookkeeping and credit is an automatic result of double entry bookkeeping, which by its very nature knows debit and credit.
The problem is not the creation of money! Quite the opposite: it's marvelous that we never need to have a shortage of money.
The problem is when the bookkeeper starts raping the debitor with interest for no other reason than the associated minus. And takes all this interest himself. Just for the service of bookkeeping!
We pay $300k in interest in thirty years for our $200k mortgage which was created by entering some numbers in a computer bookkeeping application!
GOLD SOLVES NOTHING
We don't want to pay $300k interest in coin! We want bookkeeping at cost-price! Interest-free!
Even in ancient times Gold and Silver were circulated by private parties. This is touted as a wonderful free market operation. But who circulated the specie? Those owning the mines, of course!
They circulated the metal by lending it out at interest and manipulated the volume from day one.
Today, nobody knows how much Gold there is. All the Gold mines are owned and controlled by the Money Power. Those owning the mines are the Money Power, that's how it all started. Vast amounts of Gold are in their vaults, ready to be unleashed onto the market through usurious lending, aiming to create asset bubbles, only to stop lending a little later to create a deflationary crash when people pay off their loans.
It is exactly the same way they create the boom-bust cycle with paper based money.
Just look at what they are doing to Gold today. They have been doing this forever.
The Golden Calf is the archetypal symbol of avarice; the Money Power is unthinkable without it.
WE WANT INTEREST-FREE MONEY
Jesus
admonished us to lend freely, expecting nothing in return. The Vedas
abhor usury. Moses forbade it. Half of the Q'uran is Allah threatening
severe punishment for those taking Usury.Money is bookkeeping. We don't need interest for savers. The bank doesn't need savers. Debit and Credit are the two sides of the coin in bookkeeping. They are automatic.
Yes, the volume must be managed, but that is unavoidable. No monetary system can exist without managing volume. The problem is not management; it is allowing vultures to do it.
The reason we have a boom-bust cycle is because we allowed private parties, banks, to manage the volume in their own interest. They set up Central Banks to create the illusion of 'officialdom'.
Saying 'the market must do it' is saying the Plutocracy has been doing a good job over the last 5000 years.
We want interest-free mortgages, no income tax, no poverty. We want abundance, good will, a cultural rebirth, fairness and an end to P
Kill Usury! - See more at: http://henrymakow.com/2013/04/We-Forge-Our-Chains-With-Usury.html#sthash.wjA6owsN.dp
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