Ben Bernanke Is Against Obama

Tim — Thu, 23 Jul 2009 15:22:04 +0000

Yesterday Fed Chairman Ben Bernanke positioned himself against the Obama plan of creating a consumer protection agency in the financial industry. He stated that a new agency would lack the expertise the Fed currently possess and it would be difficult to gain that expertise. What does this have to do with overdrafts? A lot!

If you haven’t read my post on the impact President Obama’s plan would have on the banking industry in regards to overdrafts, I suggest you take a quick look. The post can be found here. If Bernanke can convince Congress not to allow the formation of this new consumer protection agency, it means a much better chance of free checking accounts to continue to exist. While there might be tighter restrictions placed on how banks handle overdraft fees, they too would continue to exist. There are ways around these fees however, which is what this site is dedicated to. Make sure you check out my post on avoiding overdraft fee

Washington Post Overdraft Article

Tim — Tue, 30 Jun 2009 16:18:58 +0000

The Washington Post published an article (article can be found here) talking about the current bank fee situation. It addressed the fact that many banks are increasing fee amounts, adding new fees as well as requiring higher minimum balances on checking accounts. Banks are using fee income generated by checking accounts to help soften the blows taken from the down economy and the mortgage crisis. We created Probity Financial Services to give customers a way of having a checking account without funding the banks financial situation. We didn't start with failing

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Ben Bernanke Is Against Obama

Washington Post Overdraft Article