Charges that give banks a loan are irking more consumers. Financial institutions have used account charges, ATM fees, and overdraft charges for years to get just a little payday cash out of consumers. There is obviously some merit to some fees, of course. However, a lot of account holders are no longer amused.
Bank cash advances making people angry
Most American consumers don’t think it is fair that a person should have to give a money to a bank to use their own payday cash, according to ABC. By the end of the year, financial institutions may have 80,000 or more complaints still estimates the Office of the Comptroller. About 15 years ago, consumer dissatisfaction with banks started to be monitored which means that it would be the highest level since then. Banks have been doing no matter what they can to get more instant cash from customers although new regulations were passed last year to help a lot.
Overdrafts making many upset
Many consumers are mad about overdraft fees. It is one of the most complained about. A practice among some large banks is to clear large transactions first. This way, if multiple overdrafts occur due to a few small purchases, those fees stack up. A person will only have enough money to pay the power bill buy may end up buying other stuff on top of the power bill. Say that person also buys a sandwich, a coffee and a pack of gum. The bank will clear the largest purchase first. That way, the smaller purchases made when the account had been in overdraft can all result in the most fees possible. Easy cash loans cash is the goal. This is what banks are trying to get.
Interest rates extremely high
Much of the time, overdraft fees are looked at payday cash loans. This is because a fee is being paid for borrowing money from the bank. From time to time, a $35 overdraft fee can be put on $1 of overdraft. In simple interest, you’ve paid 3,500 percent. That works out to 1,277,500 % APR.
Articles cited
ABC News
abcnews.go.com/Business/wireStory?id=12357543&page=1
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