overdraft fees would cover our "Government Bailout"
Submitted by J.D. on Tue, 09/30/2008 - 15:39
No matter what banks call it, an overdraft fee is, in essence, nothing more than an exorbitant usury fee. I have worked for Financial Institutions for 20 years, 8 of those were for "not for profit" credit unions, which were everything but not for profit.
Take Bank of America, for example, their income from overdraft fees in 2007 was more than 66 billion dollars!
It occurs to me that Banks have been in violation of many usury laws, for many, many years. We could solve the government financial crisis, by prosecuting banks for being the real "loan Sharks"!