Overheard today:

"Oh, I see what this is! This is them [a bank] just trying to find another way to get you to pay overdraft charges! They just want you to do this so you can attempt to withdraw too much and they get to "get" you with another overdraft fee."

This person really believes that executives at Bank of America and Wachovia have meetings like this:
Executive A: You know, we need to find a way to make more money.
Executive B: I know, let's try and earn more in overdraft fees.
Executive A: Excellent. Let's set a goal this year of $1 million in net proceeds from overdraft fees. Make sure you make the fee high enough so that we'll recover the actual costs of the overdraft process.
Executive B: Great. Since it's a new revenue stream, we'll have to find ways to promote people doing things that will generate an overdraft.
Executive A: Leave that up to marketing. I'm sure they can make a commercial that will encourage people to spend more than they have.
Executive B: Yes, this will be perfect. If a person only has $10 in their account and they try and spend $12, we will charge them $25 -- more than they even have -- so we can really get some income.
Executive A: Perfect. Now, with a goal of $1 million and only a $25 fee, we need at least 40,000 transactions of people trying to spend more than they have. Get to work on this right now.

There really are people who think this way. I blame the government-run education system that actually wants people to hate business and the free market. Still -- can you imagine going through life believing that everyone and everything is out to get you?

Posted by: Ogre at 06:03 PM | Comments (6) | Add Comment
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1 Looking at some of the banks I deal with overdraft policies, I cand see where people may get this impression. However if you paid closer attention to your banking practices, you wouldn't go overdraft.

Posted by: Contagion at March 08, 2006 01:11 PM (Q5WxB)

2 Hey you facist Nazi -- stop advocating personal responsibility! That's not allowed in this age. Dinosaur.

Posted by: Ogre at March 08, 2006 01:29 PM (/k+l4)

3 I still want to find a banker who can actually give an answer that sounds reasonable and logical when I ask the following question. I say that I want to find one that SOUNDS good, as I know the real answer, which is I MESSED UP and am paying the price for my laziness (sorry for the personal responsibility line there Ogre, but you're thousands of miles away, and I don't think you have any missiles, do you?) Why is it that when I go into overdraft, which obviously means I have no money, do banks charge me MORE of the money I DON'T HAVE? Again, it's a rhetorical question, but it's just fun to ask it and (try to) act serious, just to get people's reactions.

Posted by: Smoke Eater at March 09, 2006 05:05 AM (5LGKd)

4 How do you know I don't have missles? Ever heard of the second amendment?

Posted by: Ogre at March 09, 2006 01:21 PM (/k+l4)

5 I worked as a bank teller for several years, so I'll answer. Basically it's the bank's legalistic way of calling "shotgun" on the money you're GOING to have :-)

Posted by: Harvey at March 12, 2006 01:14 AM (ubhj8)

6 Sweet. Can I call "shotgun" on Harvey's money next?

Posted by: Ogre at March 12, 2006 02:33 PM (CyQ4M)

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