Courtesy overdraft is controversial because, unlike other types of bounced-check protection, any money lent by the bank is taken out of the consumer's next deposit. The fees and the short time that's given to pay back the overdraft amount often translate to triple-digit interest rates, ... Banks have essentially gone into the business of payday lending.
More Quotes from Ann Fox:
That is a huge number of complaints to be filed for anything, ... Complaints are an indicator of what's going on, but not the sum total of the problem.Ann Fox
Internet payday loans are dangerous for cash-strapped consumers, ... They combine the high costs and collection risks of check-based payday loans with security risks of sending bank account numbers and Social Security Numbers over web links to unknown lenders.
Ann Fox
Exorbitant bank fees boost the cost of banking for consumers who struggle to make ends meet,
Ann Fox
Wouldn't you like to write checks when you don't have any money in the bank ... It's tempting. It's just that the consequences are bad.
Ann Fox
The rule of thumb is that for every complaint that is filed there are probably a hundred or so people who have the same problem but they haven't complained because they don't think it would make a difference.
Ann Fox
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Based on Topics: Business & Commerce Quotes, Courtesy Quotes, Money & Wealth QuotesBased on Keywords: bounced-check, overdraft, payday, triple-digit
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