CNN.com recently had a article on the fees in banking, credit card and cell phones. It showed how these fees are boosting profits and becoming a key part of profit margins for these companies. I would like to highlight the overdraft fee issue. The article states: - In '07, consumers paid $63 billion in credit card fees, over - $38 billion in bank fees (overdraft and other fees) - Credit unions often have lower fees than banks - Being late with credit card bill can trigger fee of up to $35 - Credit card cash advance can carry 23 percent interest, plus fee It began with a story about a pizza: Terri Lovin and her husband, Harold, may have had the world's most expensive pizza ... at $117 a pie. No, it's not gourmet dining. A cashier charged the couple twice for the $22.50 pizza. That caused the Lovins, who live in Hawaii on a fixed income, to be overdrawn on their bank account by less than a dollar. And that resulted in multiple banking overdraft fees of $24 each. And that...
Loving the San Francisco Bay Area... Community development, urban ministry, trying to defeat poverty, faith, religion, politics, good music, the quest for the perfect pizza, the Yankees, motorcycles... All in a 'day's life'