Money Tip-Open a Bank

My bank, Chase, charged me $50 for a insufficient funds fee last week. Let’s just suppose that their charge was accurate and that I covered the check the next day. What is the annual percentage rate they are charging customers??? A lot of money…In some instances a hell of a lot more than those Pay Day Loan advances! As a matter of fact, USA Today says the average fee banks are charging for a bounced check is $27.40-And people are complaining about pay day loans?

As fate would have it Chase was wrong! I had the funds in the account and yes, they were available. They were sorry for the mistake. I’m glad I just happened to notice it as it’s in my business checking account and that could have been nasty.

Steve Mertz
Loan Sharking is Legal!

Via: USA Today

One Response to “Money Tip-Open a Bank”

  1. samerwriter says:

    But the $50 is a penalty, not interest, so it seems incorrect to try to calculate an APR from that.

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