As Lukester was not fond of hearing

[cjppjc]

Is there no end to their chicanery?

http://articles.moneycentral.msn.com...consumers.aspx

Its ultimate windfall: While reaping those savings, it now generates billions in fee-based income -- and we've all sacrificed financial privacy in ways we've not yet even begun to fathom.
Used to be debit card purchases wouldn't go through without sufficient funds in a cardholder's account. Then opportunistic banks realized that, with direct deposit, they could recoup the overdrawn funds the instant their clients' next payroll checks rolled in.

• Decline my debit card, please

The upshot: Banks may impose a $35 fee for "overdrawing" on a $3.50 fast-food purchase -- and have vigorously fought efforts to provide electronic warning of the debit card overdraft at the point of sale. The equivalent interest rate for your $3.50 lapse: 1,000%.

[marvenger]

Re: As Lukester was not fond of hearing

these $30 overdrawing fees have been in Aust banks for years. They're just getting rid of them now as all the complaints finally became too embarassing. Actually one Bank NAB thought if they dropped it they'd pick up market share, now all the banks are doing it. They obviously colluded in the first place, so I actually think they're colludinf to drop it and trying tomake it look like some kind of free market.

[cjppjc]

Re: As Lukester was not fond of hearing

these $30 overdrawing fees have been in Aust banks for years. They're just getting rid of them now as all the complaints finally became too embarassing. Actually one Bank NAB thought if they dropped it they'd pick up market share, now all the banks are doing it. They obviously colluded in the first place, so I actually think they're colludinf to drop it and trying tomake it look like some kind of free market.

There really is no end to their chicanery. I like the $1.50 minimum finance charge I get. I've never bothered to figure out the annual rate on that puppy.

[ricket]

Re: As Lukester was not fond of hearing

Is there no end to their chicanery?

http://articles.moneycentral.msn.com...consumers.aspx

Its ultimate windfall: While reaping those savings, it now generates billions in fee-based income -- and we've all sacrificed financial privacy in ways we've not yet even begun to fathom.
Used to be debit card purchases wouldn't go through without sufficient funds in a cardholder's account. Then opportunistic banks realized that, with direct deposit, they could recoup the overdrawn funds the instant their clients' next payroll checks rolled in.

• Decline my debit card, please

The upshot: Banks may impose a $35 fee for "overdrawing" on a $3.50 fast-food purchase -- and have vigorously fought efforts to provide electronic warning of the debit card overdraft at the point of sale. The equivalent interest rate for your $3.50 lapse: 1,000%.

I stopped using debit cards for most financial transactions exactly because of this. You can't "overdraft" cash you don't physically have in your hand...

[roxtar]

Re: As Lukester was not fond of hearing

I stopped using debit cards for most financial transactions exactly because of this. You can't "overdraft" cash you don't physically have in your hand...

Not to mention the privacy that comes with spending cash instead of swiping a card every time one buys something.

[Ghent12]

Re: As Lukester was not fond of hearing

I stopped using debit cards for most financial transactions exactly because of this. You can't "overdraft" cash you don't physically have in your hand...

Unless you abuse the "Take a penny, leave a penny" jar.

I agree with Roxtar, I much prefer to use cash for most transactions for privacy issues, but I keep a debit card for its utility.