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)

Delayed Retirements Are Boon and Bane for Firms

Interesting read in WSJ... with the economy so bad many older workers are delaying retirement due to both lower retirement accounts and uncertainty about when things might pick up. This isn't such a bad things for some companies and it's pointed out in the article. Here's what some HR folks said, --Now "we don't face the brain drain," says Gretchen Watkins, human-resources administrator at the Vallejo Sanitation and Flood Control District in California." And "We have a little more time to plan for the departure of older workers and be more strategic in retraining or transferring their institutional knowledge," Robert Bell, assistant city manager, Redwood City, California.

Guess what that means to aspiring young minds? My opinion, sure you'll get hired, eventually, just on the employer's timetable and at their price! This is the stuff that creates entrepreneurs! Read and see what you think.

http://online.wsj.com/article/SB124744102811929845.html

Poker in PA

Why are poker tables not allowed in the Casino's in PA. These tables would bring people from outside of PA to our casino's to gamble bringing more money into the economy. It make me dizzy just thinking about it.

Oh behalf of Karen Gratten-visited the Baltimore Inner Harbor this weekend. It is too bad the City of Philadelphia's waterfront couldn't be developed differently. It could bring more business to the City. All they need to do is move I-95 out of the way. How hard can that be?

Scary

My Pop's Union just set him a letter stating no one can touch there pension for like 3 years. It's scary stuff man.

Grave New World of Politics and Finance

There's a great article on the future of business and politics in the current issue of SFO--Stocks, Futures, and Options magazine titled Grave New World of Politics and Finance. Some points of interest stated; China's recession is over! --summed up:We need to recognize in the near term that Americans are going to have to get used to slower growth. That’s the answer. The answer is we are going to make do with less, and maybe that is OK. The French have made do with less for a long time, and their quality of life is actually quite high. I have seen statistics that show that American workers now work longer hours than the Japanese, and they are spending less time with their kids and are less happy. —Ian Bremmer, Ph.D., studies the convergence of business and politics daily.

A link to the entire article: http://www.sfomag.com/Article.aspx?ID=1364&issueID=c

Jam Wow!

This would be a better commercial for Sham Wow!

Welcome.....

Dizzy Biz Characters

Welcome to Dizzy Biz!

Real Dizzzzzy Biz

I wish they would put poker tables into the casino's here in PA. It would generate money in the for the state to use to help and create jobs.

Hey I have a GREAT idea for a new bizness... we'll sell beverages that make people DIZZY!


Oh wait... I think that's been done. ;(

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A super FREE ON-line tool. You can share a document instead of emailing it back and forth!

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http://www.coolbusinessideas.com/