XPost: nf.general 
 From: tsanford@nf.sympatico.ca 
  
 Noticed; 'My bank' is using "Funds available" to include any positive 
 balance in my chequing account PLUS my overdraft  limit! 
  
 For example; suppose I have $3000 in my chequing account and the bank allow 
 me an overdraft of, say $2500? 
  
 The bank statement says "Funds available = $5500"! 
  
 As far as I am concerned that's wrong. 
  
 "Funds available" should be how much money I've got (or don't got!) in my 
 bank account. 
  
 Anything else is 'borrowing'; of some sort! From somewhere! 
  
 Anyway; it caused me to wonder what rate of interest the bank charges me, if 
 I spend, either inadvertently or deliberately, any of that overdraft? 
  
 Phoned the bank: The answer was a bit of a shock. It's 21%! 
  
 Yes; Twenty one per cent! 
  
 That's not 'written' anywhere on the paper or on-line statement! 
  
 And some call it "Overdraft Protection"! 
  
 Some 'protection' with a higher rate of interest than many credit cards? 
  
 Then wondered how many of us realize that if one's account is constantly, 
 say in $1000 overdraft, it is costing $210 per year in overdraft interest 
 charges? That extra interest cost reduces the value of $1000 by over 20% to 
 $790! 
  
 Fortunately it is much cheaper to borrow on a personal unsecured, or 
 secured, Line of Credit; presently around 7%. 
  
 No wonder banks are profitable. For their shareholders! 
  
 --- SoupGate-Win32 v1.05 
  * Origin: you cannot sedate... all the things you hate (1:229/2)