The banks will do fine

[Bruce A. King]

http://www.reuters.com/article/newsO...5790YM20090810

[Patrick Bolliger]

I love this part:

"Last year the U.S. Federal Reserve approved credit card rules to curb "unfair" practices such as surprise fees and interest rate hikes, and new mortgage lending rules are expected this summer. It is also mulling rules to give bank customers the chance to opt out of overdraft schemes that can involve fees."

Can someone explain to me..... Who / what is the U.S. Federal Reserve?

Why is the statement above ridiculous?

[Bruce A. King]

http://en.wikipedia.org/wiki/Federal_Reserve_System

Don't confuse "overdraft schemes" with "overdraft charges".

The first is fee based insurance against the charges and the second is the actual charges due to an actual overdraft.

The banks were given pre-warning/time to raise their fees dramatically before the new rules kick in and they are making billions while they can.

[Patrick Bolliger]

The fox controls the hen house and nobody can say other wise. They can do whatever they want and WE are going to pay...