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There are many practices within the banking industry that I would not defend; however, all this griping about debit card and checking overdraft fees is much ado about nothing. These fees are within one's control, and they are the result of the way banks have figured out that consumers want to be marketed to. Everyone wants free checking, and honestly, do you really think a bank or any other business can offer a free service without someone paying? Unfortunately, with this and other marketing gimmicks, the 20% of the customers who use poor judgment pay for the other 80%. It's the same with credit card rewards programs. Only, in this case, 80% of cardholders are in the wrong product and they end up paying more in interest charges and fees than they end up receiving in rewards. The 20% who can afford to make large purchases on a regular basis without racking up a balance are the only ones who benefit from such rewards programs. Consumer finance is 90% emotion and 10% logic. Bank marketers know this and they capitalize on it. Consumers need to wise up.
By Doreen Kelsey
