Pnc Bank - Time for the Feds to regulate bank overdraft fees
I was right--it is a felony to charge more that 72% of a transaction value. PNC Bank, beware, and other consumers like me, make some more noise. It's time for us to keep our money. PNC has no right, and in fact is breaking the law, by stealing through "fees".
Here's a clipping from Business Week:
Regulators are starting to act. Three years ago, Indiana state officials warned the 128 banks chartered there that if fees worked out to an effective annual percentage rate of over 72% it "would be considered a felony." And some federal regulators warn that if banks don't pull back on some of the more egregious abuses -- such as marketing bounce protection too aggressively or providing misleading information at ATMs -- they won't hesitate to act. "If we see recalcitrant banks that don't change, you could see enforcement actions," warns one."
It's time for enforcement. I can vote with my feet, but someday, I would like PNC to repay the thousands of dollars they ripped me off for. Either that or buy my groceries and pay my rent. I work too hard to have my money flushed away by selfish, greedy bankers.