Overdraft Fees - Banks Crying

Bank of America and other large banks are unhappy with the new overdraft fee rules. Cenk Uygur and former prosecutor Steve Oh discuss on The Young Turks.

http://www.forbes.com/sites/thestreet/2011/12/20/bank-of-america-hit-hardest-...

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Category:

News & Politics

Tags:

• overdraft frees
• overdraft fees bank of america
• check bounce
• checking account fees
• banks overdraft fees
• overdraft fees obama
• bank of america
• overdraft fee
• young turks
• cenk uygur

[408Magenta]

Screw Bank of America. Avoid these dorks like a plague.

[STABxYOUxRAWR]

How come when the bank robs me, it's called a service fee, and when I rob the bank, it's called a felony?

[408Magenta]

@TYSONHAWKE I have a problem with likes/dislikes, it does not register and I have flagged this to Youtube half a dozen time for nought.

[aestheticpardox9]

@408Magenta what?

[Luxmans]

@waltermh111 The way to control extreme speculation is not by banning derivatives - which are fundamental to hedging (reduces risk), or by stopping speculation (speculation provides liquidity, which allow hedgers to hedge). But by imposing position limits - simple, yet effective. Returning to my point, Cenk is throwing the baby out with the bath water, it's not derivative trading that caused this recession, it's euphoria and dread, greed and fear - regulate that.

[Luxmans]

@waltermh111 Some substance, finally. But unfortunately, irrelevant. People agree that derivatives are used for speculation. Nothing new, it's not deriv trading causes recessions, it's overly enthusiastic speculation. This has happened since the beginning of markets, from Tulip mania to the housing bubble. Derivatives simply allow speculation to take new heights. The underlying problem isn't derivatives, it's greed and fear, and it's ability to create inflated booms and busts.

[waltermh111]

@Luxmans oops, i never added the links that I can see :(

Dang, let me see if I can provide them so at least others who actually care about the subject dont become confused by you.

This is one link

knowledge . wharton . upenn . edu/article. cfm?articleid=709

Heres more on the problem

projects.exeter . ac . uk/RDavies/arian/scandals/deri­vatives.html

I had a good link on definitions of what we consider when we say derivatives but its lost, forget what search term I used, but this is fine

[Luxmans]

@waltermh111 OK, you've bored me now. Financial derivatives is a financial term, and is out of the normal vocabulary of the average man on the street, ie you. Your comments above have added nothing to the conversation here. When you have something of substance to say or at least answer the question I posed above, I'll respond to you. Thanks.

[waltermh111]

@Luxmans Another reading on th type of things being done with derivatives that we have an issue with.

Use of the word derivatives just explains a broader issue of gambling thats getting out of control.

[waltermh111]

@Luxmans I see your bias and trouble understanding.

You think your way of using terms is the majorities way, but it isnt. Such as we dont call loans derivatives even if you do.

Heres some reading to educate you on how the rest of us see derivatives.

[Death2fairytales]

This is the one thing obama did that I'm happy about. Now chase is bugging me 24/7 about whether or not I would like to opt into "overdraft protection." (i.e. protecting them from not screwing me over)

[TheCreeperhunter]

@408Magenta What's funny is I just got something in the mail today from Bank of America asking me to join them and "save money". As if I'm really going to leave my credit union for that bunch of scammers :P