leh-nerd skin-erd Posted May 13 Posted May 13 8 minutes ago, Joe Ferguson forever said: pretty sure I treated a couple mobsters. all comers don't you know. good thing you didn't need a payday loan. I hear they're prevalent near military bases. not good. capped at 36%. bless their little hearts https://www.consumerfinance.gov/ask-cfpb/what-is-covered-under-the-military-lending-act-en-1785/ That’s pretty nasty indeed, but I’m not reading anywhere that the change deals with payday loans, loans near military bases or Lord of the Dance tickets purchased on Ticketmaster. Bloomberg indicates the two issues that Homey was concerned about: $5 cap on overdraft fees from banks, where you spend node than you have; Firms offering digital payment service; https://news.bloomberglaw.com/banking-law/trump-signs-repeals-of-cfpb-overdraft-digital-payment-rules
nedboy7 Posted May 13 Posted May 13 1 hour ago, Doc said: What percentage drop would be a real win? 145% 1 1
Homelander Posted May 13 Posted May 13 2 hours ago, leh-nerd skin-erd said: I don’t understand the rationale here. You have money in a checking account, let’s say $2,000. You write a series of checks, auto-withdraw a few other payments, hit the Starbucks for a few lattes and the total is $3,195. Banks turn a $5 mistake into $140 in fees - not to teach responsibility, but to rob the poor. They profit off your deposits, swipe fees, and loans - overdrafts are just blood money. You cool with $500 per overdraft? Why not? Where do you draw the line? 1
leh-nerd skin-erd Posted May 13 Posted May 13 8 hours ago, Homelander said: Banks turn a $5 mistake into $140 in fees - not to teach responsibility, but to rob the poor. They profit off your deposits, swipe fees, and loans - overdrafts are just blood money. You cool with $500 per overdraft? Why not? Where do you draw the line? I love the idea where a bank partners with a community to educate customers about the banking system, credit management, responsible borrowing and balancing a checkbook. Many do. I love the idea of reasonable fees for services, because just as in every walk of life, the relationship between cost and value matters. I draw the line at the hyper-victimization mentality where people become enraged because a fee is charged because they tried to spend money they didn’t have, and use phrases like “blood money” to address what is often an issue of personal responsibility. We live in a time where information necessary to navigate this complex relationship between available balance and desire for goods and services is at one’s fingertips. My relationship with banks, credit cards and money has taken twists and turns like many relationships do. Thankfully my role models focused on the personal responsibility aspect as opposed to the darker version you that you favor. My default would be: Allow the financial institution to asses cost/impact to their operations; Allow the financial institution to charge a reasonable fee based on said cost; Reasonable regulation balancing consumer/organizational needs makes sense; If a bank chooses to waive fees en masse, to encourage client relationships and/or loyalty, great; A $500 fee in your example seems excessive to me, but the government regulation you posted about limited the fee to $5. If a bank incurs, say $10 or $20 in cost, it makes sense to me that they should be able to recoup it.
Joe Ferguson forever Posted May 13 Posted May 13 1 hour ago, leh-nerd skin-erd said: A $500 fee in your example seems excessive to me, but the government regulation you posted about limited the fee to $5. If a bank incurs, say $10 or $20 in cost, it makes sense to me that they should be able to recoup it. You and your comrade are verbose. You could have made your point in these few words. Do you know what it costs for the bank to recoup its losses in such a transaction? Let’s say the overdraft grace is $50. 10% is $5 and presumably the bank would apply the fee immediately. Then they would charge a late fee if it remain unpaid and likely a high monthly interest rate on the balance. Do you believe the bank loses money in this scenario?
Joe Ferguson forever Posted May 13 Posted May 13 from Market Watch Rob Smith, a healthcare analyst and managing partner at Capital Alpha Partners, said the Trump administration’s new order is “kind of lacking in any sort of policy detail,” making it hard to evaluate. Trump mentioned using higher tariffs on non-pharma products, including cars, to force deals with other countries, but “it’s really unclear to me exactly how that would play out,” Smith told MarketWatch. “If you really wanted to scare pharma, you would say, ‘In the next 90 days I’m directing CMS to issue a most-favored-nation program that will apply to Medicare drug prices, if the following conditions aren’t met,’” Smith said. “But here it’s sort of directing them to come up with a baseline of prices, and then you have these kind of vague threats to other countries to look to meet those prices and to pharma to try to meet those prices, but there’s no real timeline for when those threats might come to pass or what exactly they would do.” Chris Meekins, a Raymond James analyst, also sounded skeptical before the signing event at the White House. “Trump has a long history in his first term of talking bigger on drug pricing than what his policies would actually do,” Meekins said in a Monday note. “The more grandiose Trump’s proposed executive actions, the less likely they are to be implemented as successful court challenges will be much more likely,” Meekins also wrote.
leh-nerd skin-erd Posted May 13 Posted May 13 (edited) 2 hours ago, Joe Ferguson forever said: You and your comrade are verbose. You could have made your point in these few words. Do you know what it costs for the bank to recoup its losses in such a transaction? Let’s say the overdraft grace is $50. 10% is $5 and presumably the bank would apply the fee immediately. Then they would charge a late fee if it remain unpaid and likely a high monthly interest rate on the balance. Do you believe the bank loses money in this scenario? Apologies for the late reply. I had a doctor's appointment today, showing up about 20 minutes before the scheduled time, respectful of the doctor's time and deftly avoiding the exorbitant fee charged by the physician for a late arrival or missed appointment. Banks would probably be thrilled with that type of return. Ironically, the doctor and his team were running quite late, so I burned through that 20 minutes, plus another 22 minutes, plus the added 15 between nurse/chart/update and arrival of said physician. The opportunity cost to me was substantial, but I'm certainly grateful that they didn't make it awkward with apologies for the time lost due to their delays. Then, off to the appointment scheduler. We had a good laugh over whether or not my follow up appointment was truly 1pm, or if 1:22pm was a better time for me to arrive. It was pretty funny, the scheduler just sort of smiled and rolled her eyes because as she said "...that's just how it goes around here." After that, I had the opportunity to visit with the billing team, inquiring as to why the charge for a prior visit was billed at 2.5x the fee previously agreed to with my health care provider, only to find that the practice had accepted payment at the previously agreed upon figure. My main concerns--was there an error in billing? A misunderstanding? A deliberate attempt to collect more than previously agreed upon? As it turned out, that's just how they do it. While I was walking out, I overheard the office manager speaking with a patient about an overdue balance, advising the patient that if a bill was not paid in full, it would be referred for follow up to a collection agency. She was pretty animated, obviously frustrated that the customer was unable or unwilling to pay. Anyway, banks. Yeah, what's with that? Edited May 13 by leh-nerd skin-erd 1
Joe Ferguson forever Posted May 13 Posted May 13 14 minutes ago, leh-nerd skin-erd said: Apologies for the late reply. I had a doctor's appointment today, showing up about 20 minutes before the scheduled time, respectful of the doctor's time and deftly avoiding the exorbitant fee charged by the physician for a late arrival or missed appointment. Banks would probably be thrilled with that type of return. Ironically, the doctor and his team were running quite late, so I burned through that 20 minutes, plus another 22 minutes, plus the added 15 between nurse/chart/update and arrival of said physician. The opportunity cost to me was substantial, but I'm certainly grateful that they didn't make it awkward with apologies for the time lost due to their delays. Then, off to the appointment scheduler. We had a good laugh over whether or not my follow up appointment was truly 1pm, or if 1:22pm was a better time for me to arrive. It was pretty funny, the scheduler just sort of smiled and rolled her eyes because as she said "...that's just how it goes around here." After that, I had the opportunity to visit with the billing team, inquiring as to why the charge for a prior visit was billed at 2.5x the fee previously agreed to with my health care provider, only to find that the practice had accepted payment at the previously agreed upon figure. My main concerns--was there an error in billing? A misunderstanding? A deliberate attempt to collect more than previously agreed upon? As it turned out, that's just how they do it. While I was walking out, I overheard the office manager speaking with a patient about an overdue balance, advising the patient that if a bill was not paid in full, it would be referred for follow up to a collection agency. She was pretty animated, obviously frustrated that the customer was unable or unwilling to pay. Anyway, banks. Yeah, what's with that? problem solved https://www.healthline.com/health/concierge-medicine#should-you-try-it
All_Pro_Bills Posted May 13 Posted May 13 1 hour ago, leh-nerd skin-erd said: Apologies for the late reply. I had a doctor's appointment today, showing up about 20 minutes before the scheduled time, respectful of the doctor's time and deftly avoiding the exorbitant fee charged by the physician for a late arrival or missed appointment. Banks would probably be thrilled with that type of return. Ironically, the doctor and his team were running quite late, so I burned through that 20 minutes, plus another 22 minutes, plus the added 15 between nurse/chart/update and arrival of said physician. The opportunity cost to me was substantial, but I'm certainly grateful that they didn't make it awkward with apologies for the time lost due to their delays. Then, off to the appointment scheduler. We had a good laugh over whether or not my follow up appointment was truly 1pm, or if 1:22pm was a better time for me to arrive. It was pretty funny, the scheduler just sort of smiled and rolled her eyes because as she said "...that's just how it goes around here." After that, I had the opportunity to visit with the billing team, inquiring as to why the charge for a prior visit was billed at 2.5x the fee previously agreed to with my health care provider, only to find that the practice had accepted payment at the previously agreed upon figure. My main concerns--was there an error in billing? A misunderstanding? A deliberate attempt to collect more than previously agreed upon? As it turned out, that's just how they do it. While I was walking out, I overheard the office manager speaking with a patient about an overdue balance, advising the patient that if a bill was not paid in full, it would be referred for follow up to a collection agency. She was pretty animated, obviously frustrated that the customer was unable or unwilling to pay. Anyway, banks. Yeah, what's with that? The biggest racket for medical charges is the hospital. Its open season for billing. A doctor walks in and asks you how you're doing and checks your chart then submits an $800 charge to your insurance. And if any of them happen to be out of your insurance network then God have mercy on you. I guess those country club memberships and golf lessons for their 5 year old don't pay for themselves.
Joe Ferguson forever Posted May 13 Posted May 13 (edited) 30 minutes ago, All_Pro_Bills said: The biggest racket for medical charges is the hospital. Its open season for billing. A doctor walks in and asks you how you're doing and checks your chart then submits an $800 charge to your insurance. And if any of them happen to be out of your insurance network then God have mercy on you. I guess those country club memberships and golf lessons for their 5 year old don't pay for themselves. I've told you a million times not to exaggerate. The reimbursement for a moderate complexity hospital visit from major private insurer average less than $60. https://payerprice.com/rates/99231-CPT-fee-schedule You are referencing the ridiculous upcharges from hospitals that no one but the uninsured are asked to pay. It's felony robbery. The system is broken beyond repair. It needs to be scrapped. this low fees are why so many docs go with corporate medicine. It's tough to pay the bills with current reimbursements. big med subsidizes you for referring to services within their system. They can't demand it but they expect it. Edited May 13 by Joe Ferguson forever
leh-nerd skin-erd Posted May 13 Posted May 13 (edited) 25 minutes ago, All_Pro_Bills said: The biggest racket for medical charges is the hospital. Its open season for billing. A doctor walks in and asks you how you're doing and checks your chart then submits an $800 charge to your insurance. And if any of them happen to be out of your insurance network then God have mercy on you. I guess those country club memberships and golf lessons for their 5 year old don't pay for themselves. It always comes down to the same thing: a sensible mix of professionalism, regulation and personal accountability make sense. Like most other professions, a good/great doctor is a gift if you're lucky enough to have one. However, to pretend that the medical profession is not, on occasion, part of the problem with health care in this country is silly. Edited May 13 by leh-nerd skin-erd 2
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