If you could un-invent something, what would it be? Discuss why, potential repercussions, or a possible alternative.
Overdraft fees are a bit ridiculous, aren’t they? You’re being charged money for not having money. You’re already in the hole and with overdraft fees the hole gets deeper and deeper. It’s one of those vicious cycle things.
Who came up with the idea?
According to Wikipedia, the Royal Bank of Scotland awarded the first cash credit or overdraft loan to a merchant in 1728. The overdraft loan really helped this merchant stay in business. However, I don’t think he received an exorbitant fee each time his account was overdrawn. This overdraft loan was something very different than the overdraft fees that are plaguing many of us today.
Where did the idea for fees come from? Whoever came up with that idea was a cruel, cruel person, who saw an opportunity to take advantage of people. They were also an evil genius . . . a wealthy evil genius.
Here is an article that might be helpful. There really is some useful information in this article that could help us all from paying $20 or more for a cup of coffee.
I love coffee but not enough pay $20 for one cup.
Overdraft fees should be undone completely. Let’s forget they ever happened.
I have also included a lovely letter from a woman to her bank. It is priceless.