

The Great Bank Robbery - breck
http://breckyunits.com/the_great_bank_robbery

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lloyddobbler
Seems to me, what would happen is:

1) Banks would determine they need to replace the revenue from all the fees.
This means either lowering interest rates, eliminating services, charging a
monthly fee for _all_ formerly free accounts, or hiring less people. (We're
already seeing a lot of this under the Dodd-Frank legislation).

2) ...forget option 2. Initially I was going to say the small-claims courts
would have a backlog of claims filed by banks against those who aren't paying
the fees...but the filing fees would likely be more than a bank wanted to pay,
unless someone had quite a few overdrafts.

Simple thing is, a checking account is not a credit card account. If you have
one, you should know enough to know how money works.

Are overdraft fees annoying? Yes. We've all had to pay them. But under the
current system, we all have a _choice_ as to whether or not we pay them. The
simple choice is: balance your checking account. Punishing the banks for an
individual not taking responsibility for his or her own money is shortsighted
at best, and unsustainable at worst.

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jrogers65
It's not a hypothetical scenario. Plenty of banks work under Sharia Law and
prohibit usury. Hell, the majority of the world's population was emphatically
against usury for a long time.

> Are overdraft fees annoying? Yes. We've all had to pay them. But under the
> current system, we all have a choice as to whether or not we pay them. The
> simple choice is: balance your checking account. Punishing the banks for an
> individual not taking responsibility for his or her own money is
> shortsighted at best, and unsustainable at worst.

This argument is rooted in a logical fallacy -
<http://en.wikipedia.org/wiki/Just-world_hypothesis>

