Overdraft Fees: Consumers Shell Out $32 Billion

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April 10 (Bloomberg) –- On today’s “The Roundup,” Trish Regan, Olivia Sterns, Matt Miller, Brendan Greeley and Rosenblatt Securities Analyst Brian Blair wrap up the day’s top market stories on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)

Companies are trading at every high multiples, so it is a heavy mix.

We still have a lot of the best decisions name intact going 15% or 20% still trading at low multiples.

Are going to leave it there and move on to the roundup.

Matt and olivia joining us today and a special appearance by our bloomberg businessweek reporter.

Olivia is starting off for us.

But we are talking banks and they are making big bucks on overdraft fees according to an animal study done by the pew terrible trust.

Or disclosures about possible penalties and fees, consumers pay about $32 billion in overdraft fees.

The median penalty was $35. q did a survey that found policies and disclosures cover 65% of checking deposits and 44 of the -- what happened to overdraft?

The people who are overdrawing you would think are the people who don't have a lot of money.

It feels like some of these tactics are preying on people who don't have money already, exacerbating their problems.

Believe me, i paid my fair share of overdraft fees.

You know when you are writing a check you cannot cover it.

For the most part, you do.

One of the things they do is reorder the checks will stop i get that and it's unfair, but when i write a check i can't cover, i know i'm doing it.

The last person you want to give overdraft protection to -- i'm going to overdraw my account.

We had a colleague who had a birthday the other day.

Charge five dollars for $10, but don't kill them with $40 charges.

It seems like too steep a penalty.

Between that and the atm fees -- i have an atm in my building that charges five dollars.

That makes me more angry than overdraft fees will stop this is what i think is interesting -- you has come up with a list of best practices and a simple form banks can fill out saying these are what are conditions are and more banks are voluntarily doing that.

Comedy people get a chance to look at the various ways the bank can charge you?

That's hard for consumers to stomach.

I wish you were doing this for disclosure agreements on tech embodies.

When i buy an apple product, i want the same thing as well.

They are not going to give you 10 pages of disclosures.

They're going to give you 40 50 stop let's move on to burger king.

They may be sneaking into a new market, expanding into crimea.

The burger king ceo says we are planning to end in crimea but i cannot say when exactly it will happen or how many outlets the company will have there.

It may be in 10 years.

Apparently mcdonald's shut down and moved operations out of crimea.

Why do russian citizens not like eating -- they are saying manufacturing issues are the reason which means logistical supply issues.

There are too many people in crimea.

If they can't get them, burger king will supply them.

It other than mcdonald's. mcdonald's is going to have the same problems in supplying crimea.

If mcdonald's couldn't build a bridge, maybe russia could do it.

I think they have 200 or so were -- 200 or so stores.

If they can jump on a market with 2 million people, they are going to do it.

I hope they get wendy's over there.

I feel like democracy would flourish more.

If we have to have arby's -- that route.

The communists can have all of the arby's. i just want to ship them all over there.

Anybody still have a blackberry?

It's got a nice keyboard.

It's so retro.

I lost mine and you have not yet.

You have got on record saying i don't believe you have one in your pocket.

We're talking about like very because the ceo is giving himself two years to overhaul the smartphone maker and offset declining handset demands with software that connects computers to all manner of machines from cars to heart monitors.

He took over as ceo in november and is stepping up blackberry's reliance on business customers instead of the smartphones that make the company famous.

In an interview, he said i do not have a plan to get rid of the handsets.

I have a plan to not be dependent on handsets.

That is how will be a good idea.

Lex that was a response to a real mistake you made saying he would be responsive -- you'd be willing to shut off the hardware unit if that was possible.

I don't think he's doing anyone a service.

It's not a great software company.

You probably have it still because of the keyboard.

This is a strategy that has been very popular.

I interviewed someone yesterday who said we're are going all software.

We will do hardware where we can make margin but for the most part, we are switching to all software.

And guess what he bought?


The new blackberries have not been selling.

To suggest he can coast on that software which has been totally dumped by consumers that enterprise does not want is not a great way to lay out your future plan.

My favorite line from this article came after the quote we just read -- he said all i need to do is replace the handset revenue in this company will be very different will stop all i need to do is get scarlett johansson to marry me and then i will be married to scarlett johansson.

Lex i know i married already.

What if your wife is watching?

What she's working right now.

You would get in so much trouble.

I would never say something like that of the i'm not even attracted to scarlett johansson at all.

I've been here long enough to see that happen.

But it is a wrecking ball.

Citizens of sweden had just lucked out with a six hour working day.

According to a report from the atlantic thomas a swedish city called gothenburg is considering a year-long trial that would allow for a control group of workers to only work six hours a day as opposed to the traditional eight.

Who would not want to work six hours a day?

Sometimes i work a 12 hour day.

It's a free country.

This was tested back in 1930 by kellogg's, the serial magnet.

He tried this out and took acree workers and had the more a solid six and saved money.

The bottom line is six hours straight with no break is brutal.

I think the swedes are going to give you a break.

It's all about efficiency.

Countries like luxembourg, they get in there and get the job done.

Around the world, people spend time on social networks and there's not as much productivity.

Among the longest hours worked is why the greeks.

I think the relationship between hours worked and productivity and quality of life is pretty complex.

Did you see what the french did?

French unions said you have to turn off your phone.

If you are french and work at dougal or face book or price waterhouse code verse -- i love it.

Do you want the government

This text has been automatically generated. It may not be 100% accurate.


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