U.S. banks will gather a record of $38.5 billion in overdraft fees.
As the recession plummets upon us, we would hope that the government and financial services, such as banks, would do all that they can to help ease the clamor and chaos.
In 2000, 19.9 billion was collected in overdraft fees, but 9 years later such colossal numbers have nearly doubled in spite of the recession. “Overdrafts are the mother lode of all service-related charges, and they’re often the only source of capital,” said Mike Moebs, chief executive of research company Moebs Services.
And Banksters wonder why they're held in such high regard. Right up there with car saleman and Lawyers.
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