What I didn't know until I watched "The Card Game"

I previously announced this documentary in this post.

Couple of points I gleaned from watching the Frontline Documentary

• Banks use computer programs to clear the larger checks and debit charges (such as mortgages, car payments, student loan payments, etc) before the smaller charges.  This results in overdraft charges for each of the smaller checks or debits vs. a single large charge.  Sometimes this may result in 7, 8, or 9 overdraft fees in a single day for small amounts. A sample statement showed that each of these may be $35 (up to $280 in one day?).
• "PayDay" loan companies charge up to around 460 percent APR for their 2-week loans.
• Banks are not required to post the APR for overdraft fees because it falls outside of the "truth-in-lending act."
• The government and the financial industry agree that a "cap" cannot be placed on interest rates.  Doing so, would destroy the free-market system to decide how much risk a borrower would be.