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And Kathleen -- from the Center for Responsible Lending and they.
Whether you think the chairman is on the bucket of chicken KFC it's out of your realm of understanding.
Bank overdrafts though that is what you know about and that's what we're gonna talk about.
At a hand aren't they right now in terms of not just the dollar amount but it turns out -- -- -- -- trading these overdrafts on day.
The right unit that's really that's the issue here.
We think that these things should people when they don't have enough money in their account and -- -- using their debit card it should be denied at the point of of the transaction that the ATM machine and a point of sale.
And and at the very least people should be asked at that point they wanna continue in their foreign -- What the banks college feed but in fact is an interest.
-- being charged on what amounts to -- when your overdraft discovered it's really alone and it.
API is some.
Consumers can compares to -- But incidents -- overdraft if I overdraft it's my thoughts.
I'm I didn't have enough money my account I go to buy something.
I extensively should be charged a fee if I want that transaction to go through so they're not if you want me.
You want to go through that's a big gaffe and my question that they act as most people are enrolled automatically.
In these accounts they.
And they don't understand that the terms of it they'd -- there automatically roll and then they learn that that's what's happened.
And some banks won't let two.
Get it cheaper -- they don't tell the people up front that they can get a cheaper.
Less expensive alternative way to cover -- over -- So so why -- the banks and rolling them yet in the fact is your financial institution should not be at every turn.
You it rolling you automatically in the most expensive options they should be.
Thank you you're the customer here are your options and here's what they cost and this is -- cheaper alternative they should not be rolling people automatically and then.
And it's back in the back with software that automatically triggers as the maximum number of overdrafts.
My question is that's just -- I know we're talking about and we talk about small -- -- at not at all because I think.
This is a big complaint about bull market -- that when you sign a document for one thing -- you suddenly realized I it is small print but it.
Just not leaning.
On but it is a whole long list of things -- -- suddenly.
Somewhere embedded in there you have agreed with that signature that you are by opening your account that you're gonna have this.
The most expensive.
And why why why tell me why shouldn't -- a fee if they do cover the -- why would they counted as of yet not -- -- interest -- They just don't -- to have to tell people when an outrageous triple quadruple digit interest rate is being charged as possible one point one.
Issue that I have is.
Requiring that overdraft fees be quote reasonable and proportional to the actual cost of the financial institution.
It's to me I thought should we require Exxon to charge.
Gas prices -- down that are reasonable and proportionate to the actual cost of explore laughingly drilling and refining.
The -- now but actually see at times when oil prices spiked up and there have actually been government investigation -- of on both sides of the -- into was bad you know everyone knows everything price gouging and reasonable -- return.
And for something is essential as your bank account or transportation.
It is reasonable to expect that that these charges should be reasonable and not eight and first of all.
Again they should be stated is an -- story.
And it should bear some relationship to the company's cost of providing it let me apparently didn't -- elderly person on a fixed income.
Is is buying something for a few dollars and is charged thirty what I only 39 dollar listen.
If they can't understand fine print I understand -- elderly person might not read through an entire document before signing it.
No one's forcing you to use a debit card use cash keep your cash Johnny -- cash.
Don't use a credit card that's the thing -- -- should be able to charge whatever they want if you don't like using -- America code on the street is BBC you don't like and -- Can't put down the street music and all the offered you can't go down the street I -- -- -- heard this for years for -- can't get on the street and find someone who offers an alternative -- very hard to get what kind of -- in the -- about -- -- and I'm very competitive now wait now -- in the last year there is a major -- who has suddenly decided to do the right thing and does decline at the point of sale.
Is when someone is going to go over the I again this is something that banks claimed they for years they couldn't do.
Out and now suddenly there in -- in large bank was doing the right thing and you notice.
In recent weeks a lot of banks -- suddenly say well we're gonna run and our policies over it may be they were a little onerous and not going to mean even they are admitting it.
Although we don't think what they Don is -- knocked it it's not enough it comes too late and it's only coming because the spotlight is on.
Deadly outlook and anything rules of the they were pushed into that direction I do agree with -- -- I think it's good at Bank of America's coming on sandwich there's sand.
And there's sort of the absence of these banks are propping themselves up in separate themselves and that at.
That they -- married thank you -- bank that does is doing the right thing but.
Then I had to sign on as well that reason it's free market -- you know.
It was -- -- marketed that they actually -- -- the point of sale -- -- what the answer here Kathleen what's the answer because the the other day we talked about the consumer financial protection agency to come in.
So will pull over everybody and impressive I wasn't thinking well over -- real life and that's and would you consider.
That's not a red light so that other people that is I don't run into people and heard some -- -- -- -- not asking you then what's the answer to all this bank these bank overdraft fees that are potentially.
Being charged of people of -- an act without them knowing is it this Center for Responsible Lending getting involved is it more rules and regulations over these banks.
What do you propose is that really what we week.
Think that the bank should go back to what they did is most banks -- as recently as 2004.
And do what this major bank is doing in decline at the point of sale.
If you're over drafting because don't forget debit cards were supposed to be cast -- supposed to be.
This league be it a real time transaction CU you should be denied it all -- if it at the very least.
Given the chance to opt out and not be charged with me.
That's only they -- you shouldn't be enrolled automatically you should be ask if you want it.
I -- should be denied at the point of sale and at an award given the option what do you want to continue.
That just seems they -- that -- be the reason banks don't wanna do that is they know and our survey show that most people.
Would decline this service at that price they said they say that they want.
We'll -- five dollars is a big hit a banks collected about point four billion dollars in.
He's in 2008 you got -- tough fight here to come down and clamp down on them and all that with all that money that they will pretend that you're.
-- -- -- Might say yeah I'm just saying they -- my my daddy you may not money that's kind of circulating and it's a capitalist society and they could charge essentially whatever they want to chris' point if I'm not happy about it.
I go somewhere outs and these guys know make an -- -- thanks much like the airline to make it up fees with baggage charge -- that.
When we got -- you don't want to lose yet.
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