(Daily Finance Wire) — Overdraft fees are like a movie monster that just won’t die. No amount of public outrage or regulation can slay the beast. But the banks aren’t the only ones casting overdrafts in financial sequels: Truth is, consumers who don’t properly manage their accounts, or who have money problems, keep breathing life into the overdraft dragon. ”Overdrafts are part of the small advance and loan market,” explains G. Michael Moebs, CEO of Moebs Services. Other parts of that “market” include credit card cash advances, transfers from deposit accounts or small lines of credit, payday loans, pawn loans, even gifts and loans from family and friends — and at the extreme, loan sharks. “The surprise is, no matter how much government tries to regulate and legislate away this small loan market, it keeps coming back,” says Moebs. “People want and need a funding safety net.”
