Joe Biden Moves To Slash Bank Overdraft Fees With New Rule — “Banks call it a service,” the president said. “I call it exploitation.”
by UGMadness
Joe Biden Moves To Slash Bank Overdraft Fees With New Rule — “Banks call it a service,” the president said. “I call it exploitation.”
by UGMadness
45 comments
Just keep them out of the housing market. Big banks are becoming landlords instead of mortgage lenders and it’s going to kill the American dream let alone entire industries.
Joe actually cares about people. Pretty cool 👍 😎
This is great. Banks abuse the hell out of this. Instead of using money in a savings account or declining a transaction, they’ll put you into the negative AND tag on on a 30-50$ fee. Wells Fargo calls it a “Premium Overdraft Service” or something.
It’s utter bullshit.
Agree! How can you charge someone money, for not having money.
This is a really good thing. These fees hurt the poor significantly by making them even poorer.
And he’s absolutely right. Being poor shouldn’t be so expensive. It’s ridiculous.
I worked at a bank in the late 2000s. Every new account had an automatic $500 “overdraft protection” loan applied. When combined with processing the largest transactions first (because “we want to make sure your most important bills don’t bounce!”), the number of accounts that were constantly at a -$500 balance due to overdraft fees was enormous.
It’s a “well respected” local bank and not a national chain, yet all I see them as is some of the worst scum out there. I can’t even imagine how much worse the BoAs and Wells Fargos are on the inside.
Anyone who tells you that Biden hasn’t accomplished anything for the average American is an idiot. I’m sure I’m missing some things, but Biden has done more for the working class than any other president in recent history:
– invested in America’s infrastructure, restoring old bridges and roads, ensuring Americans have access to safe drinking water and internet
– cancelled college debt for thousands of Americans
– passed the inflation reduction act, investing in clean energy solutions, capping the price of insulin, and allowing Medicare to negotiate prescription drug prices
– **decreased** federal income taxes for the working class
– created 14 million jobs and lead one of the most favorable job markets to job seekers in history
– continues to pass legislation to reduce corporate greed in favor of the every day American
Biden has made more simple, pragmatic, quality of life changes during his administration than every other President combined in my lifetime. He will get his props in the future if we survive Citizen’s United, MAGA/Muscovy/CCP No Limits-Project 2025, and foreign disinformation disguised as “news” and hiding behind “free speech.”
Banks make huge profits from these immoral fees. Hopefully, banks around the world follow suit
“But Democrats don’t know how to message. And I will tell you why they are shit, and never mention the policies they are pushing. And I will do it everyday”.
Signed: Too many people on the Internet even people getting paid to do it
I specifically requested no overdraft protection on my account. They forced it on me anyway.
Biden is the president for the working class. This is just another of many accomplishments which for some reason so many just ignore.
You mean most people *don’t* want to accidentally spend $50 every time they don’t realize they can’t afford something?
*weird*.
Biden working for the people. Again.
GQP is probably mad that he’s doing his job.
I can see potentially why there were fees before computers and digital banking but since the ‘70’s what’s it really costing on banks end? It’s purely to skim some cream off the top for the bank.
But how’s that supposed to help big corporations? Republicans will hate this idea.
Overdraft fees are just paycheck loans on steroids. I don’t want to overdraft, I just want the bank to refuse the transaction if I don’t have the money to pay.
There goes Biden doing a terrible job again /s
It is about time someone took this issue on. Banks abuse this in so many ways.
There’s banks that charge $15 if you’re checking account runs below a certain amount even though it’s not a overdraft. For example, if the balance drops below $200 they charge you a $15 maintenance fee (yes you TD Bank)
I find that ridiculous and totally a money grab. What maintenance are you doing on an account that dips below 200?
Let’s get that fixed too please?
God DAMN this guy is cooking.
I remember having my first bank account as a high school senior, having only $15 in my account, Bank charged me their monthly fee which causes my account to be underfunded, They then have the audacity to overdraft charge me because of it.
Seriously fuck this guy. Next thing you know he’ll remove cable equipment fees and remove ads from Netflix.
How are these corporations supposed to survive then? /s
I never turned that shit on. I’d rather have my card declined than be charged $50 for having no money in my account
How about giving the victims of this exploitation the ability to seek retribution in court?
It isn’t enough to stop the abuse. You gotta correct what’s been done, too.
It costs a financial institution $0.00 to reject a payment request when a charge is requested from an account that has an insight balance. Yet the bank will charge $35+ per attempt anyway. So if the stars align against a person and they’re broke but they’ve forgot to cancel the auto pay of their electric bill, then that utility will attempt to charge a half dozen times or more. The person can easily end up with a -$300 balance which the bank will expect them to pay OR will send to a collections agency.
In the end, the bank either stole hundreds of dollars from their customer if they were foolish enough to pay, or the bank made %10 of the amount when they sold the debt to a collections agency.
What I’m saying is, let me sue US Bank for the damage they’ve caused.
(Side note: I now use the service privacy.com which, if used correctly, makes it impossible for the above to occur)
Joe Biden has been following the actual teachings of Christ more than any Republican who claims to be Christian.
Good. The people really affected by overdraft fees are people already living in poverty. It is hard enough to get by with so little money.
Imagine charging more money for having not enough money in your account instead of just rejecting the charge.
I’m sure they’ll find a new way to exploit people, but it’s a nice thought.
Overdraft fees overwhelmingly affect the lowest earners. Joe and his admin have been doing great things. Four more years!
I agree that banks exploit overdraft fees but why not attack the root of the issue instead of a symptom? People go negative in their bank account because of income inequality. There is only one class of people that deal with overdraft fees and its not billionaires. This almost seems like a way of making it easier for people to be poor rather than creating a system where they don’t need to worry about being poor at all. Bad faith.
This is awesome. I moved away from b of a because of overdraft fees and maintenance fee.
I once made 5 small charges in one day. 3 days later, I got double-charged by a pizza place by accident and they overdrafted my account. The bank decided that the overdraft happened first somehow, and then charged me a separate $35 overdraft fee for all 7 of the charges mentioned above. This should be considered fucking FRAUD.
Go after ticketmaster next!
Oof, Wells Fargo is gonna have to start opening accounts for people without their permission again to hit their numbers.
While you are at it, eliminate ATM fees and fees for transfering money, you know, like the rest of the developed world.
Great, now let’s get rid of 25-30% interest rates.
How about stop using major corrupt banks and use community banks and credit unions. They have the literal same service but don’t fuck you over like the others do. Ffs
Chase, we are looking at you.
When I was younger, I banked with First Tennessee Bank, I did not have a lot of money. I budgeted and kept my spending down. One month, I had my rent check clear before my next pay check went in. The timing was weird because I deposited in, but they held it for some reason. I did not know there was a hold on the pay check and assumed everything was good. I used. My debit card at a few places with no issues until two days later my card wouldn’t work.
They had bounced my rent check because I didn’t have enough money in the account, charged me a returned check fee of $29 which put the account negative, the same day let the ~9 debit card transactions go thru and charged me $29 per transaction, and then a $35 negative account fee, another returned check fee when they tried to run the check again…
My rent was $200/month with roommates at the time. My check was only for ~$300. After they finally deposited my check, I was still negative by ~$50 and my rent still hadn’t been paid.
I had another issue when I went over my balance by $1.40. The bank held processing charges for a day or two and processed all of them on the same day. Causing ~6 $29 fees instead of just one for the charge that put me over.
Teetering on the edge of poverty, these fees would have killed me if I didn’t have parents that were able and willing to help me out.
It’s so weird to me how banks exist that don’t have overdraft fees at all, and people still choose to bank with these traditional institutions that will charge you $35 just for being broke. My bank gives me up to $200 when I’m out of money. I’m waiting on a paycheck right now, I’ve had -$174 in my account since Friday because I had to buy groceries after bills came through last week. I’ll get paid tonight and pay all that money back and I don’t understand why in 2024 anyone would use a traditional bank for their checking account.
Remove bank overdraft fees… or plant more rusty metal beams in the desert that can be sawed apart in a day. Tough vote in 2024.
A $300 bill from Verizon was mistakenly charged as an $1,100 bill. This put me negative. $30 overdraft. Three other bills came through. Each one a $30 overdraft. I’m totally fucked for at least a month. I had courtesy turned off but they still have the fee they just call it something else. If he changes this and makes it so I can opt out of every charge I’d be really happy.
Fucking Biden just nailing everything these days. I wish 90% of America actually knew more about what he’s done/is doing instead of just saying he’s old.
In better times for our country, he would be highly respected.