Ask Ohio To Be A Leader In Reforming Banking Practices
- by: ConnieTalk.com
- recipient: Gov. Ted Strickland, D-OH
Commercial Banks suck around $33-37 per failed transaction from consumers in overdraft fees, on top of negative balance fees per day - and these fees are the number one source of income for Ohio banks, according to a finance manager at Fifth Third Bank. US Bank is one of the worst offenders for consumer complaints of overdraft fees. They charge $37.50 for every single transaction that attempts to post when your account is below $0 (a nightmare if you have automatic payments set up for your bills), plus $7 per day for a negative balance.
And there are other shady practices that can go along with this: for example, banks can legally hold your deposited check(s) without reason, causing your account to fall below negative even if the funds are in your account to cover it (and even if the bank shows that the funds are available!).
Banks in the US made over $50 billion in overdraft fees last year alone.
Ohio Governor Ted Strickland has just signed House Bill 545, which will prevent PayDay loan stores from charging more than 28% interest on paypday loans in Ohio; these stores are charging as much as 391% interest until the Bill goes into effect in 90 days.
No matter what state you're in, will you please ask Gov. Strickland to continue standing up against big money to protect the little guy? While we're capping off rates at payday loan outlets, we should be doing something to stop the debt of consumers to overdraft fees to the benefit of giant banking corporations that certainly don't need the money as much as the consumer does.
And there are other shady practices that can go along with this: for example, banks can legally hold your deposited check(s) without reason, causing your account to fall below negative even if the funds are in your account to cover it (and even if the bank shows that the funds are available!).
Banks in the US made over $50 billion in overdraft fees last year alone.
Ohio Governor Ted Strickland has just signed House Bill 545, which will prevent PayDay loan stores from charging more than 28% interest on paypday loans in Ohio; these stores are charging as much as 391% interest until the Bill goes into effect in 90 days.
No matter what state you're in, will you please ask Gov. Strickland to continue standing up against big money to protect the little guy? While we're capping off rates at payday loan outlets, we should be doing something to stop the debt of consumers to overdraft fees to the benefit of giant banking corporations that certainly don't need the money as much as the consumer does.
THANK YOU for signing House Bill 545, to prevent payday loan outlets from charging more than 28 percent for floating funds to Ohio residents before payday.
We think this is a great, great measure to help those shackled in debt (or soon to be) from plummeting even further down. While you are on this noble pursuit to stand up to financial institutions on behalf of the little guy, why not do consumers an even greater service, and crack down on Ohio banks?
Since more customers use regular commercial banks - for checkings, savings, and loans - than they do payday loan stores, it could help even more Ohioans statewide to enact legislation that would stop the banking industry from charging the excessive fees that they currently do for overdraft and negative balance fees. These fees - which suck around $33-37 per failed transaction, on top of negative balance fees per day - are the number one source of income for Ohio banks, according to a finance manager at Fifth Third Bank. US Bank is one of the worst offenders for consumer complaints of overdraft fees. They charge $37.50 for every single transaction that attempts to post when your account is below $0 (a nightmare if you have automatic payments set up for your bills), plus $7 per day for a negative balance.
And there are other shady practices that can go along with this: for example, banks can legally hold your deposited check(s) without reason, causing your account to fall below negative even if the funds are in your account to cover it (and even if the bank shows that the funds are available!).
Banks in the US made over $50 billion in overdraft fees last year alone.
This is a chance for Ohio to continue to set an example in standing up against big money to protect the little guy.
Will you please take this a step further and lobby for banking CHANGE?
Sign PetitionSign PetitionWe think this is a great, great measure to help those shackled in debt (or soon to be) from plummeting even further down. While you are on this noble pursuit to stand up to financial institutions on behalf of the little guy, why not do consumers an even greater service, and crack down on Ohio banks?
Since more customers use regular commercial banks - for checkings, savings, and loans - than they do payday loan stores, it could help even more Ohioans statewide to enact legislation that would stop the banking industry from charging the excessive fees that they currently do for overdraft and negative balance fees. These fees - which suck around $33-37 per failed transaction, on top of negative balance fees per day - are the number one source of income for Ohio banks, according to a finance manager at Fifth Third Bank. US Bank is one of the worst offenders for consumer complaints of overdraft fees. They charge $37.50 for every single transaction that attempts to post when your account is below $0 (a nightmare if you have automatic payments set up for your bills), plus $7 per day for a negative balance.
And there are other shady practices that can go along with this: for example, banks can legally hold your deposited check(s) without reason, causing your account to fall below negative even if the funds are in your account to cover it (and even if the bank shows that the funds are available!).
Banks in the US made over $50 billion in overdraft fees last year alone.
This is a chance for Ohio to continue to set an example in standing up against big money to protect the little guy.
Will you please take this a step further and lobby for banking CHANGE?
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