Banking industry CEO slams Washington for not considering ‘personal responsibility’ of overdraft protection
Sen. Warren goes after banks over overdraft fees
Florida Bankers Association CEO Alex Sanchez argues each individual has a responsibility to monitor their bank accounts for overdraft fees.
Florida Bankers Association CEO Alex Sanchez joined "Mornings with Maria" and slammed politicians in Washington, D.C. for not considering the personal responsibility tied to overdraft fees. Sanchez said every person has an obligation to monitor their accounts, and that you can't always point your finger at the bank.
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ALEX SANCHEZ: I have the highest respect for Senator Warren, she's focused and always laser-beam ready on her agenda. But the bottom line is that people in Washington do not talk about personal responsibility.
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Look, everyone watching who has a savings and checking account has to be personally responsible for their own accounts and monitor their accounts. And as my 90-year-old immigrant mother asked me, I'm her caregiver, 'Alex, do I have enough money in my account… to buy something?' And that's a question that all of us need to ask ourselves.
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Look, writing a bad check, Maria, it breaks down the commercial payment system. If I have a small business owner giving me services and I give her a bad check and she relies on my check to pay her two employees, the domino effect, you can see how it impacts the economy. So everyone has got to make sure they monitor their accounts.
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Florida Bankers Association CEO Alex Sanchez on the economic consequences of bad checks and banks charging overdraft fees.