"Hmm you spent one dollar more than your account could afford? Better charge you a $36.00 overdraft fee"
FUCK YOU, PNC
Banks have done some really nasty, shitty, stupid things over the last, oh, 1,000 years. But I actually think that overdraft fees are a nice offering.
If you don’t want to pay the $36, you can ask for no overdraft protection (or you could balance your account and make sure you aren’t overspending). Plus some banks allow you until the end of that business day to make a deposit to balance the account and they won’t charge you the overdraft fee. Might be all banks now with the new laws, I’m not sure, but I know that US Bank does it.
But I understand that many people live paycheck to paycheck so being able to draw a line of credit without any approvals or having to have a credit card can be very helpful. It can also really save people the shame of not having $7 more dollars in their account at that very moment, which is a big plus but nearly impossible to measure the impact of.
I think that the fee is too high, but that leaves the market wide open for someone to come in and say “I’ll offer overdraft protection for just 10% of the total overdraft and I’ll cap it off at $25”. So if you go over just $1, you owe $0.10.
Then again, there’s probably a reason no one’s undercut the market yet (probably because the costs of applying overdraft protection are higher than most realize?).
Looks like the stock market got in the ring with 1980’s Mike Tyson.
Anonymous asked: What are your thoughts on all those bankers that have commuted suicide this year? Conspiracy?
I don’t really have thoughts.
Perhaps they each had some sort of big loss on the year? Maybe they each saw a big collapse coming (rational or not) and didn’t want to be around? Maybe they were all sick of life and lost the will to live? Who knows.
Over 1 million people take their own lives (suicide) each year and that number increases every year (due to longer lives and other factors).
The chance that a dozen of those 1 million deaths would be bankers isn’t that abnormal to me.
The Federal Reserve decides to tapper off of money printing and the stock market takes a dive unlike any we’ve seen in the last year and a half. Still believe that all of these “gains” are real?