Thought this was interesting about overdraft fees...

US Banks to Make $38 Billion From Overdraft Fees
Published: Monday, 10 Aug 2009 | 5:33 AM ET Text Size By: Reuters


Banks in the United States are poised to make $38.5 billion in customer overdraft fees this year, the Financial Times said, citing research by Moebs Services.

A large portion of the revenue is likely to come from the most financially stretched consumers, according to the paper.

It said the research showed that many banks have increased charges on overdrafts and credit cards in order to boost profits.

The median bank overdraft fee rose this year by one dollar to $26, the paper said, citing the Moebs data.

"Banks are returning to a fee-driven model and overdraft fees are the mother lode," Mike Moebs, the company's founder was quoted by the paper as saying.

Overdraft fees accounted for more than 75 percent of service fees charged on customer deposits, the paper cited Moebs as saying.

Last year the U.S. Federal Reserve approved credit card rules to curb "unfair" practices such as surprise fees and interest rate hikes, and new mortgage lending rules are expected this summer.

It is also mulling rules to give bank customers the chance to opt out of overdraft schemes that can involve fees.

Copyright 2009 Reuters. Click for restrictions.

Now when customers complain i tell them all the banks are doing it so go scratch!

Tommy's Video Resume (Mashup)

Donato's Video Resume

New Yorker

Those guys at the New Yorker are pretty funny.

So today my client informed us that they have had a consultant from Accenture onsite for the last three months. So far they just want to talk consistency of deliveries. My guess is the consultant's long term suggestions are to offshore the data analysis, since my client is already outsourcing the analysis to my company. I am thininking this may be the second industry I have worked in that will go offshore. The first was mortgage originations. I'll keep you posted...

What's up with the Phils?

How come the Phillies wasted a million dollars on a pitcher? Granted we need pitching, but why would we spend so much money on someone who is injured? Wake up Phils. We can win another Series without this guy!!!!

Weekend Observations

So, I spent this past weekend in Baltimore, MD. Specifically, for the Artscape event and concert (http://www.artscape.org/index.cfm). There were so many people and so many interesting and 'green' business ventures. More than half of the artists represented were using recycled/repurposed materials as their medium. Mixed in with all of the brilliant art I saw, was one of the most ingenious (and eco-friendly) business ideas ever!

"Wheely Good Smoothies" charged people $5+ to make their own beverages using bike-powered blenders. Seriously, people were lined up and PAYING for the chance to pedal-blend their deliciously fruity drinks, only to chug them down due to the exertion. Oh, and did I mention it was like 85 degrees outside? It looked like fun, but I sat that one out and enjoyed lunch across the street at a small, air-conditioned, creperie and read about their new franchising plans. Not very green, I know. I guess we all have our weaknesses!

Also, I got to witness my first ever 'freemarket'. A twist on traditional flea marketing that those freegans we talked about would be all for. All of the freemarketers get together and put up stuff they no longer want or need for the taking by anyone who might need or want it. No haggling on price, in fact, no price at all! Customers could leave something for trade, but it wasn't required. I think I might just file this one under "interesting." (to say the least)