Earlier quoted context omitted.
Banks in Europe are tightly controlled. You have no idea what it's like in the US. Imagine a system where… 1. You pay a 20% fee to withdraw money from an ATM that doesn't belong to your bank. 2. The bank puts thru a charge they shouldn't, you run out of cash, and you get whacked with a $35 fee. 3. The bank charges you a monthly fee after that - another $35 fee. 4. The bank shuts off your card because you're in anothe…
1. It's a 20% fee when you request $10, or a 2% fee if you request $100. 2. Overdraft fees are disallowed by law and are opt-in now. 4. Also, it's not typically the banks that cancel cards, it's the processing network that does. Most problems people have with banks are user-error, plain and simple. When you misuse a computer program, you waste time. When you misuse a bank, they charge you money.
Checks, ACH transfers, and recurring debit transactions can still generate overdraft fees without an opt-in consent.
re #4: The networks pulls the trigger, but the standing orders come from the issuing institutions. Fraud detection is often used as a differentiation feature by the networks to attract bank customers, the networks themselves don't have a direct incentive to prevent fraudulent transactions beyond this: they don't stand to take a loss.