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Joining the company from Washington is Richard -- -- with the American Bankers Association Richard what sort of program is good to see as the thank you very much for having me Stewart now the deal with the administration is looking into investing into these overdraft fees.
One of the people on our production to -- was charged -- 150 dollars because this person had gone into overdraft situation.
That seems like a lot of money to me -- justify that.
Well I think that that program that most people are involved there is an overdraft service that they're given.
An opportunity to participate in no one is forced to take it you have to opt in.
And then depending on the number of overdraft you -- you're gonna get a fee for each of those but.
If you don't like to service if you have a bad experience or you're just -- going to change your mind about.
Service you can get out any time the -- of a lot easier to get out of this than it is to get out of a cellphone Contra.
I see your point but.
A 150 dollars I don't mean to pick on a specific example and make that typical of the entire industry.
But what what happens how much does it cost you the banks when -- for example would bounce a check if I did how much is it cost you.
But again remember it's not an.
Like any kind of program like any kind of credit situation you have to look at your overall portfolio experience -- and I -- take a look at isn't it that the administration is looking past this kind of charged with -- -- some kind of overdraft protection program -- not.
They're looking at the fees charged by banks when someone goes in to overdraft.
How much does -- -- -- Well it it but it it's it's not a question simply a cost it's a question of convenience and value to the customer.
To studies are showing that even the elevated users people who used -- regularly.
Considered extremely valuable if you ask me about this program monster.
I'm hugging you just talking about this overdraft protection programs but -- -- not -- I'm not -- -- if I bounce a check my bank.
How much does it cost the bank.
It cost the bank quite a bit -- -- to get the check back to send it back to the merchant that you had it and and get back.
Remember we're not looking to pay.
To charge -- cost.
You wouldn't be recommending to invest in banks -- -- that your program if all that they did was provide services that cost is it legitimate for the administration to look closely at overdraft fees.
When some people are indeed charged a great deal of money is something that -- with a look at what you're up to.
Oh it definitely we had no problem at all with the study in fact we actually.
Are quite pleased that rather than change regulations before studying they're gonna actually do the study.
Before deciding whether or not there need to be regulation so we welcome this kind of study dugout he is it going after you.
You think -- -- up.
No no we don't think we're a target we think that these -- bureau -- obviously an interest in this area.
We'd like to see a uniform standard.
And we think that there has been one in the very ruled that the bureau has been forces did OK Richard grace American -- associates thanks for joining us and we appreciate you being here thank you.
Thank you so.
Let's see what we've got -- on next out.
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