Results 71 to 72 of 72
Thread: And so it begins. Are you prepared?
-
-
06-30-13, 04:55 PM #72
Re: And so it begins. Are you prepared?
Most banks do that, including the last one I worked for. The reasoning behind it is that the overwhelming majority of the time, the largest bills are the most important, the ones that most need to be paid. That order is set for all customers, whether they have overdraft protection or not. And if one doesn't have overdraft protection, and their car note goes unpaid because of a pack of gum, someone's gonna be pissed off.
Whether the increase in fees from that payment order is sinister, or merely a side-effect depends on your point of view. Personally I'd say the truth is somewhere in between. Banks know these days that for the majority of account types (checking, savings, even money markets), it's ridiculously easy to lose a customer to competition, simply because there's now so much competition. They also know that if they piss off too many people, it'll hurt their bottom line....so while these banks didn't completely disregard the financial benefit they'd see from the fees when they decided on the order in which to process transactions, I also don't think it was the largest factor.
~Morningfrost
Thread Information
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)
Bookmarks