Checkmate: Prosecutors team with debt collectors to terrorize consumersSubmitted by Ed Thinking on Mon, 01/28/2013 - 13:17
Julie Orr has plenty of reasons to bounce a check.
In just a few years, she's gone from running a successful advertising business to being a single mom on disability. Hers is a dilemma of American life: A leg injury keeps her from working, but she can't afford the surgery without health insurance.
Yet Orr says her woes didn't lead her to write a bum check at the grocery store. "Sure, we've fallen on tough times," says the 54-year-old from Riverside, California. "But I've never bounced a check before in my life. I've always been on top of my finances."
Accidentally overdrawing one's bank account isn't a crime. It is, however, a hyper-lucrative business, allowing banks to collect $30 billion a year in overdraft fees while their customers frantically swim back to the surface. Such is the bounty of faulty math.