Reply #97: That's honest. Banks figured out that this way makes them more money.

[Gormy Cuss]

Somehow I doubt that Gramm-Leach and Check 21 were passed without a considerable amount of favorable positions inserted at the behest of banking industry lobbyists. It's time for Congress to slap back the balance towards consumers.

Your advice about not spending money that you don't have ignores the favorable use of Reg CC to hold deposits much longer than necessary in the electronic age and how that has an impact on customers who SHOULD have the money available but don't because the banks are using it for a few days to bolster their own profits. For those of us who don't live paycheck to paycheck, the float's no big deal, but for a lot of people the difference of a day or two means the choice is don't pay the bills on time or pay them and get hit with massive fees even while the total in their accounts would easily cover the checks.

Oh for the days of Glass-Steagall..