Wednesday, June 3, 2009

Reversal of Fortune

We just received a letter from Bank of America concerning a change in their fee schedule.

The fee that was discussed was the NSF or "Returned Item Fee for Insufficient Funds." In other words a bounced check. Banks seem loathe to call a spade a spade lest regular humans understand them.

This most recent note however was a reversal of a previous increase.

Go ahead, read it again, I'll give you a moment to let it sink in.

The bank had raised the "bounced check" fee to $39 per incident but decided to once again lower it back to the $35 level most likely thinking that the old amount is obscene enough.

Perhaps someone in the main office realized that if you bounce a check it might be because you do not have the money to cover the check let alone the fees that are tacked on afterward.

So you see the banks are not always against you! Of course if they make a mistake and that error causes a check of yours that w
as covered to bounce they will merely fix the problem but not pay YOU a fee.

Some things never change.

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