One More Reason We Need Elizabeth Warren

The second largest source of income for major banks, i.e., Wells Fargo, BofA, et al, is overdraft fees.

Now if you have to have a short term loan from your bank occasionally (which is what overdraft protection is), that by itself is not a bad thing. I could even argue that it is a good thing because it protects you from all sort of embarrassment.

But there is a whole lot more to the story. All of the major banks have INTENTIONALLY re-written their computer programs to honor your checks, not by the day they are written, but by the amount of the check. Obviously, this increases the chances that smaller checks will be over-draft checks and you will pay a fee for EVERY ONE of them!!

And who will be hit the worst? Small businesses of course.

When your own bank deliberately sets out to screw you big time, you need help big time. That is why you should be telling your congress people and the President that you want him to nominate, and win, Elizabeth Warren to the new Consumer Protection Agency job. Do it today!