This seems more like ethical advice for the Robber Barons of the 19th Century, not retail bankers of 2009. Is this still the kind of world we live in, that we have to heed the advice "buyer beware" of our own banks, for God's sake?
What's the matter with our society, that we put up with our banks intentionally duping us and robbing us blind?
It took them a while, but this week The New York Times finally composed a well-argued editorial against the debit card abuses that have been in the news - and on this blog - in recent weeks.
Excerpted are a few paragraphs; below that, the link to the entire piece.
Debit Card Trap
Aug. 19, 2009
Not many people would knowingly pay more than $35 for a cup of coffee. But far too many people are getting saddled — with no warning — with outsized bills for minor purchases, under a euphemistically labeled “overdraft protection program” that most major banks have adopted over the last 10 years.Before that, most banks would simply have rejected debit transactions, without a fee, when the card holder’s account was empty. Now, they approve the purchase and tack on a hefty penalty for each transaction
A study by the Center for Responsible Lending, a nonpartisan research and policy group, describes what it calls the “overdraft domino effect.” One college student whose bank records were analyzed by the center made seven small purchases including coffee and school supplies that totaled $16.55 and was hit with overdraft fees that totaled $245.
For the entire editorial: http://www.nytimes.com/2009/08/20/opinion/20thu1.html?_r=2
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