Flexing the muscles of Community Finance
Marc Hedlund and the Wesabe team have begun to flex the muscles of community finance. By tagging abusive bank fees, Wesabians are exposing and beginning to change a reprehensible practice.
I’m hoping to see a “worst offenders” report sometime soon!
(from Marc’s original post)
When we first launched Wesabe last November, we were not surprised to see that our #1 top merchant at that point was Amazon, and #2 was Netflix. That matched well with the stereotype of “early adopters.” What was surprising, though, was the merchant #20 was Overdraft Fee. If you think overdraft fees just hit people who are “bad with money,” they don’t — they hit a huge percentage of the population, and as Wesabe has grown, we’ve seen that more and more. Currently, our users have been charged roughly $200,000.00 in overdraft charges in just the past few months — an average of one overdraft charge for each and every person tracking their money on Wesabe.
See the original thread, and Marc’s post about it.
Update: you should also read this analysis by Jim Bruene of NetBanker!
Add comment April 30th, 2007
