Spreadsheet Template. Thursday , April 12th , 2018 - 09:18:42 AM
The banks also rig the courtesy overdraft system to generate maximum fees per overdraft. The system as devised by the banks can even hit an account with overdraft fees when specific charges dont result in an overdraft. In fact, an account can have enough money in to cover charges all day long but if the last charge of the day overdraws the account, the bank can charge courtesy overdrafts on every charge made that day. In that scenario, the bank could extend $10 to cover the last overdraft and then charge the customer $35 for every other charge made that day. If there were ten charges prior to overdraft, the customer would be out $350.
The practice is now being used at the ten largest banks in the country and, with an estimate of $38.5 billion in charges for this year, will generate almost twice as much as late and over limit fees on credit cards. Bank of America allows ten overdrafts per day currently, up from five in 2008. Industry experts, seeing a shift away from credit cards to debit cards as consumers become more averse to carrying debt, are forecasting steady increases in courtesy overdraft fees for years to come.
We all produce our most value added work when we stick to what we are good at. However, nowadays, everyone is expected to be a part-time expert with software and data. I believe that this is not necessary. I think that every business should use fit-for-purpose bespoke software. Such software gives you the outputs and reports you need directly from the system at the click of a button. No more fiddling with data on spreadsheets. (Many spreadsheets have errors in them. These are not often spotted before they affect something else down the line.)
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