The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest effort by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck.
The change could potentially eliminate billions of dollars in fee revenue for the nation’s biggest banks, which were gearing up for a battle even before Wednesday’s announcement. Exactly how much revenue depends on which version of the new regulation is adopted.
Banks charge a customer an overdraft fee if their bank account balance falls below zero. Overdraft started as a courtesy offered to some customers when paper checks used to take days to clear, but proliferated thanks to the growing popularity of debit cards.
overdraft fees only affect people who don’t have a lot of money. I remember being ruined by them as a college student several times. they should be illegal. let them figure out how to get the operating revenue from people with more capital.
I dropped Wells Fargo after they re-ordered my pending payments to maximize overdraft fees.
I’d actually overdrawn like 25 bucks after making a couple 3-5 dollar purchases followed by $50 purchase. They moved the big payment up front so each of those little payments incured a 30 dollar fee.
Fuck them.
This, never do business with Wells Fargo.
I still don’t get how folks don’t love this president. All these things are great for typical folks like me.
This is actually a good example: the very concept of overdraft fees is obviously a tax on poverty that should be made illegal as soon as possible.
Instead, Biden (who’s been known to lie a lot even by politician standards) wants to lower them. In a year. If he’s re-elected.
Even his aspirational campaign promises are a compromise between the obvious only just course of action and retaining the status quo that enriches his owner donors.
I don’t love genocide.
Ah yes, I forgot Biden is personally committing genocide in a country he’s not president of.
He personally bypassed Congress to send them more weapons.
So you’re ignoring the vote yesterday when 72/100 senators voted to continue supporting the war? How is that bypassing Congress when Congress approved it. And I assume you think Trump will do a better job? Well maybe you’ll get what you’re wishing for and we’ll end up in a Christian dictatorship. I’m sure that’ll be soooooooo much better than what we have now.
That’s the bully pulpit in action; Democrats lining up behind their President.
And I assume you think Trump will do a better job?
I didn’t even mention anything about voting. We’re talking about whether you should love Biden.
Unfortunately our choices are Biden and Trump.
Biden is not perfect, but when compared to Trump I sure do love him. When compared to Obama or Carter? Not as much.
But we don’t get a 3rd choice in America, we get to pick whether we like Biden or Trump more, and if you don’t like Biden enough to not vote for him, you better fucking love Trump.
Is it fair that those are our choices? No.
But life isn’t fair, so you better figure out which one you hate more.That’s irrelevant to the discussion! We were talking about why people don’t love Biden, not about voting.
You don’t have to love Biden to vote for him, and as a corollary, you don’t have to love Trump to not vote for Biden. I completely understand people who hate Biden and still choose to vote for him. They don’t believe there’s another choice and I know why they think that way. I am not commenting on how people should vote.
What I don’t understand are the freaks that love Biden. What the fuck?
I wouldn’t love living under a dictatorship. Sorry to put my own needs and my family’s needs first.
Okay even if you’re voting for Biden, you don’t have to love him and that’s what this is about.
neither do i. I would not be surprised if there is not high agreement on that with folks.
Well, you said you don’t get why people don’t love this president. That’s an obvious reason.
I don’t love that he’s a genocide collaborator. That’s why his Democratic support is so low.
Well thats two different things and a very broad definition. I, for example, am american and pay my taxes. Im just as much a collaborator therefore unless I stop paying my taxes or supporting the US, no? Now granted I don’t want to support genocide but there are some rather severe consequences for me if I don’t pay my taxes. And is that enough. I mean we are talking genocide. Should I actively fight? That would involve violence on my part. Would I be slipping into being just as bad as the genociders? The idea of pinning the israeli things on him is a step to far for me.
Biden went around Congress to send more weapons to Israel. That’s quite a bit different than paying your taxes.
He did not go around congress he basically expedited the sales. This really goes back to 911. Many countries pushed back on us for iraq/afghanistan but still did the show of support. Heck they sent their own troops. He could have not done it but it would have repercussions outside of our relationship with Israel. All the same. We paid for the production of the weapons with our taxes. To me railing that biden is a genocide collaborator but then ignore the direct ways they support the genocide, like financially with taxes. Well its being a hypocrite. My support is fine because you know living my nice life is important but his support because of the complex decision making around global relationships in regards to responsibility of his position. Well thats not. Oh and lets ignore that its typical of what presidents and global leaders have done in these situations.
https://www.cnn.com/2023/12/29/politics/biden-congress-israel-military-aid/index.html
He literally bypassed Congress. That happened.
Though ultimately, you are right. We are all complicit in this genocide. We should do something about that.
When has any US president not been friendly towards Isreal, no matter what the IDF is doing?
That’s irrelevant to whether I love Biden or not.
I can just as easily hate the United States lol
My point is voting for Trump to spite Biden isn’t going to improve the situation with Isreal and its neighbors. If anything it’ll make it even worse.
So your point is irrelevant and off topic? I’m not voting for Trump and I didn’t even mention voting.
This is good. What would be even better would be severely slashing APR on incurred credit card debt. Interest should be reasonable amounts that allow people to realistically pay back credit debt without barely being able to keep up with some financial mistakes.
Tie credit card rates to savings interest. Let them fight it out.
It’s good, but its offering crumbs to people who are starving. Overdraft fees were extremely predatory and we’re being promised that after decades of that, maybe it will be reigned in, if we’re lucky.
Meanwhile, the fucking world is ending.
Don’t let perfect be the enemy of good.
I understand the sentiment, but I’m tired of settling for “good” when “significantly better” is just there.
