Re: pen fed seeks bigger return on fees
05-16-2009 07:33 AM
'The following changes to ACH fees will be effective July 1, 2009.
1. The fee for a Returned Preauthorized/ACH Return NSF increases from $25.00 to $30.00.
2. The fee for an ACH on Demand Returned by another Institution (for loan, savings and checking accounts) increases from $5.00 to $30.00.
3. A Returned ACH Loan or Credit Card Payment fee of $30 will be implemented.'
of course these are fees most of us avoid like the plague and will never encounter in any case but they are beginning to become indistinguishable from bank fees and apparently pen fed is/ was considering becoming one.
Rather, I think it is exactly what you illuded to: "these are fees most of us avoid like the plague....."
Moreso than trying to become a bank, I would suspect they are trying to provide enough "disincentive" that more people will avoid NSF and returned ACH payments, "like the plague."
If the fees are low or even waived, then some people will not avoid them. Like a speeding ticket, many people will only follow the rules if they fear some type of financial consequence to a particular action.