A press watcher at The Columbia Journalism Review has given the press a collective 'atta boy for a barrage of reporting -- not talking-head caterwauling but real reporting -- that actually changed something.
- Muckraking 1, Banksters 0 - Dean Starkman/Columbia Journalism Review
The announcement yesterday by the Bank of America and JPMorgan Chase that they would end some of their most egregious abuses in the overdraft check protection racket is a press victory, plain and simple.
As we’ll see below, the financial press, bloggers, personal finance writers, not to mention our own Ryan Chittum, have been shining a light, beating the banking industry about the face and neck, on its sneaky and deceptive post-crash post-bailout practices since at least April. It takes a lot to embarrass too-big-to-fail banks, but apparently public opinion still counts for something.
Somehow, Starkman forgot to list our contribution to this victory:
- Rising overdraft fees fuel push for reform - Jonathan D. Epstein/The Buffalo News
It's a growing personal finance trap that may cost some families more than $1,400 a year.
Consumers and other critics say the fees themselves are too high for the mistakes they're designed to penalize or deter. They also complain they're being charged too often, on too many people, because bank policies and procedures have made it easier for consumers to incur the fees in the first place.
-- George Pyle/The Buffalo News