Band Overdraft Fees PART #1


	Band Overdraft Fees PART #1

hayliirjsmom

7-29-2007 7:18 PM

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tags:

government, laws, debt, credit, finance

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/d6fcd652-1acf-437c-b3d7-137e079c97a2/5F90FBF4-D772-4227-BB53-F965ADBD39F0/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.tbo.com/news/money/MGB03AFIN4F.html" href="http://www.tbo.com/news/money/MGB03AFIN4F.html" style="font-size: 11px;">www.tbo.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.tbo.com/news/money/MGB03AFIN4F.html">One of the biggest selling points for debit cards has been that you couldn't spend more than you had in your bank account, making them a good alternative to racking up debt on a credit card.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.tbo.com/news/money/MGB03AFIN4F.html"> But, as many users have discovered, the debit card carries the same problem as its credit card cousin: You can spend over your limit.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.tbo.com/news/money/MGB03AFIN4F.html"><P> The practice of approving a check or debit transaction when the account has insufficient funds is an intentional effort to drive up revenue, according to a new study by the Center for Responsible Lending, a nonprofit, nonpartisan research and policy organization.</p> <P> "Banks should protect customers' funds, not plunder them with high fees and harmful practices," said Eric Halperin, director of the center's Washington office.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.tbo.com/news/money/MGB03AFIN4F.html"><P>This year, the center published a report that found that debit card purchases at point of sale terminals and withdrawals at ATMs triggered 46 percent of overdrafts. The rate for paper checks was just 27 percent of overdrafts.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/5F90FBF4-D772-4227-BB53-F965ADBD39F0/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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