To the person who exclaimed we were all from Oz... Ok, so maybe I accidentally over-drew my account by $3.50 on day before my direct deposit hit the account (it's not that hard to do when you are overseas and every transaction accrues an International Service Fee of random amounts and the value of the dollar goes up and down like a teeter-totter). So Wachovia charges me $35.00 for overdrawing the account. So, I know I shouldn't have borrowed the money without asking. I say "borrowed" because you damn sure know they wouldn't allow you to make charges with your debit card if you didn't have direct-deposit. So, Wachovia gets to charge me what really amounts to interest of 1000%?
Lord knows I am no banking expert, but don't you think it would be more consumer-friendly to, say, only charge you once per day for overdrafting the account? Then it wouldn't matter if they process the debits high to low or vice-versa. It doesn't cost them anymore to process one than to process 10 ODs.
It is the biggest scam going and the government has their backs because all funds deposited (up to $100k per account holder) are insured by the Fed. Allowing the banks to charge enormously large and unsubstantiated fees is a way for the Fed to guarantee they will never have to pay out on the FDIC because the banks can remain solvent solely on the ridiculous fees.
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