Debit Card Overdrafts Generate Massive Profits
I just read an interesting story that says that banks collect more in overdraft fees from debit cards than they do in profit. The article points out that some banks make it difficult or impossible to opt out of the service. There’s a lot of mixed reactions about this article and I have mixed emotions about this myself.
Overspending on Debit Cards Is a Boon for Banks
On one hand I believe it’s everyone’s responsibility to know how much they have in their account and not spend money they don’t have. I also feel that most of the people that are affected are the poor and if someone is already living paycheck to paycheck a couple of overdraft fees can put them into a spiral that is difficult to recover from. I also know that it’s really easy for a couple to spend money at the same time and not realize that the account is overdrawn.
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