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Well you might have wanted to know what he's your bank is charging you for your checking account and it's all right here.
Right here in the disclosure from the bank all 111 pages -- I'm sure gonna read this tonight right.
Pages of the average checking account policy is filled with complicated legal jargon that banks hope you overlook self.
How are they doing this and what the fees they're really charging here with more -- John Alzheimer president of Smart.
John this makes me mad you know like who's gonna read over a hundred.
Pages of boilerplate.
And a first off I hope you didn't pull a muscle lifting not out there who think I'm sakic that was the disclosure -- -- checking account all -- Not for the auto loan -- the mortgage not for the credit -- Jospin checking account.
What amazes me is that they eat speculates that amount of fees for example on overdraft protection for this year 2011.
As a shade over 38 billion dollars -- why.
Overdraft fees already illegal to charge and -- the consumer has practically opted -- can't allow them to be charged on their debit cards and ATM cards.
How in the world as an industry charging 38 billion dollars on -- -- That everybody in the United States not just one person or two people everybody.
In the United States has opted out automatically from an August of last year I just I don't see how in the world.
They're going to be able to charge.
How -- he understands these disclosures and they were supposed to be so much simpler.
Because the new rules that went into effect in fact they're more complicated -- you just what -- -- regulation is coming out of Washington.
A lot of work on some of these -- tell people what they're being charged for the and see what these things actually are a start with a shot -- the what does that.
Yeah actually write a check to somebody need to not you any and after you've written a check you've decided wait a minute are probably should Britain match act.
You're a lot of -- came inaudible what actually try to take it to a bank and negotiated.
End up costing you I give me a headache with the bank because you bring check that that.
They either can't clear.
Or there's no funds to back -- so there's a fee to actually stop it.
The payment process on match -- an asset be it not sufficient funds -- extended over -- me what is that I thought they were charging that anymore what does that mean.
-- -- Are are you kidding and at.
They're not cluster -- but if they convince the consumer to say yeah I'm I'm I realize that if I -- my debit or ATM -- somewhere.
And it takes him the ball below the zero dollar mark -- you're gonna decline to transaction that is very embarrassing for me.
Especially common front of people so -- will willingly take this 38 dollar -- -- your gonna charged in exchange for you allowing the transaction to clear.
And -- allowing -- to -- face it it it seems like embarrassment how how the price.
It's so easy to have this happen it's happened -- me before one weekend didn't realize what the balance of my and my account was.
340 dollars later.
I mean it's frightening and painful okay overdraft penalty -- Monthly fees on checking accounts are back with inventions people are paying -- alleged -- is checking accounts -- whereas east pay nothing at all.
You know what -- -- doing about this because it seems to me this situation is getting worse not better.
Well I can tell you what they're doing -- is -- language on -- they're getting Kyoto about it will be why don't you if I if you look at the top ten banks.
It beat it if you put together a grid and talked about what they're charging what they're not charging for its amazing how many of them are charging.
We're checking accounts every single one of them.
Free checking is like the data don't burden is on the way -- the -- -- like a dinosaur doesn't exist any longer lets you take your business democratic strength but if you wanted to business what a mega bank you're gonna hated it didn't look I mean frankly.
There's not a whole lot of added value to -- hasn't let them.
First -- as with a small local regional bank or even a credit you can Wear those types of fees are almost on.
Heard absolutely terrific what I like -- in Seattle just sit around and get angry about it take your business somewhere else thought so that's what you can vote with your column.
These average overdraft fees are 36 bucks right so let's say -- sit -- white you're watching the TV tonight you're thinking.
Oh I -- I have to pay this.
I -- I've got -- that can I call bank right now and say I don't want to be part of this I don't need your service I don't wanna pay 36 dollars.
I'd rather have the -- say hey.
You've been declined.
Right exactly well at what 36 -- it.
As a punitive -- they're trying to punish you for doing something they don't want you to do an -- but they're glad to take the money from -- if you're going to pay it.
Absolutely over to our protection is totally voluntary you can call them think a lot.
I do not want this any longer please remove the overdraft protection on all of my counts but guess what you're about to run the gauntlet.
But golly you're about to run is the hard sell.
They do not want you opting out they want to remain -- again.
So put blinders on and remember it at the end of the conversation when you hang up the phone you want to have opted out you don't don't let them talk you into staying in the program you want to be out of.
A program opt out don't pay that the opt out John Alzheimer thank you mr.
I'll never I'll never I'll never mention overdraft again but.
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