Some people may sympathize with these folks, but I don’t:
I read that banks collected $30 billion in overdraft fees last year. That’s like $100 from every person in the country. I can imagine that there are a few flakes who have so much money they can be careless with it, and if they run up a thousand dollars in overdraft fees a month it’s no big deal. But there aren’t very many of those folks. I’ve had a couple or three overdraft charges in my life, and I life to think that I am not out of the ordinary. To make up for all the people who keep track of their money and for all the ones who don’t even have a bank account, there must be a bunch of people incurring $1000 worth of charges a year, like one person out of ten. I just don’t get it. Doesn’t $1,000 mean anything anymore?
It’s worse than you might think. With the general decline in check usage and a concomitant increase in payment-card usage — at 42nd and Treadmill, our business is now about 70 percent plastic — about the only people actually paying these fees are the few remaining check writers with no money and the people who get charged for using their overdraft protection. Deadbeats without overdraft protection have their debit cards declined, and we see about fifty of them a week. For one of the nichiest of niche markets, that’s a hell of a lot of people who are, to borrow a Briticism, totally skint. This wouldn’t bother me so much if they’d take that first decline as a warning, but they don’t: I’ve seen people present the same bad card — or worse, a whole portfolio of bad cards — week after week. Once is a mistake, maybe; twice is stupidity; three times is fraud.