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FDIC Federal Register Citations
Stewart Dale Spencer
1290 Morningwood Drive
San Marcos, TX 78666-8458
January 8, 2006
Robert Feldman
Federal Deposit Insurance Commission
550 17th Street, NW.,
DC 20429
Dear Robert Feldman:
I work with families trying to get off welfare and become self-sufficient
and/or home owners. The involvement of financial institutions in this
process is critical. Anything that tends to reduce their engagement in the
low income community is counterproductive.
In addition, the biggest problem I have seen with my clients is a lack of
understanding of how debit cards work and that they can, in fact, become
overdrawn and end up having what are euphemistically called "Pay Courtesy
Fees" but which amount to a huge interest fee on a short term loan. The
transaction is approved but it ends up costing the customer much more than
they had anticipated.
We must keep the banks engaged and require them to address problem issues
such as the one above.
Sincerely,
Stewart Dale Spencer
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