this post was submitted on 17 Jan 2024
760 points (98.7% liked)

News

23014 readers
4 users here now

Welcome to the News community!

Rules:

1. Be civil


Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.


2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.


Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.


3. No bots, spam or self-promotion.


Only approved bots, which follow the guidelines for bots set by the instance, are allowed.


4. Post titles should be the same as the article used as source.


Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.


5. Only recent news is allowed.


Posts must be news from the most recent 30 days.


6. All posts must be news articles.


No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.


7. No duplicate posts.


If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.


8. Misinformation is prohibited.


Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.


9. No link shorteners.


The auto mod will contact you if a link shortener is detected, please delete your post if they are right.


10. Don't copy entire article in your post body


For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 1 year ago
MODERATORS
 

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.

you are viewing a single comment's thread
view the rest of the comments
[–] [email protected] 29 points 10 months ago (3 children)

When I was younger, I was literally living paycheck to paycheck. This was back in the day when you were handed a physical check and had to cash it, so there was a time delay between you getting your money and having to buy things like food to not starve, or gas so you can fuel up your car and go to work so you don't lose your job. I lost count of how many times I overdrafted by just a few dollars, or even a fistful of change. One especially egregious overdraft fee was the result of being overdrafted by $0.02. At one point in time, I called the bank and asked if they could forgive the penalties for accidental overdrafts of only a few dollars or a trivial sum of money spent on necessities. They told me to take a hike, pay the fees or else have my account closed and the balance sent to collections.

I realized I was losing so much money to overdraft fees so frequently that I asked my relatives to lend me some cash to use as a buffer, and only then was I able to finally dig myself out of that hole and get stable, saving the money that would otherwise be lost to frivolous fees to build my own pool of savings. But not everybody has loving and trusting relatives like I do. Some people are all on their own. Even though my financial situation has improved dramatically to the point where I will probably never had an issue with overdrafting ever again, I still want the practice outlawed completely. I hated it so much and I felt like the world was the most unjust place ever that these slimy fucking bankers could hustle someone they know for a fact is broke by burying them in fees and stealing money right from out of their pockets when they got paid.

[–] [email protected] 2 points 10 months ago

How I left Bank of America:

My previous paycheck had $350 in overdraft fees that came out of my current check. Because I had automatic deposit for my paychecks they allowed for borrowing against your next paycheck.

I borrowed $500 to cover the $350 in fees they stole from me plus a $150 service as compensation for my pain and suffering, withdrew all my money, cancelled automatic deposit, and walked away.

I'm sure they sent it to collections, but looking back on it 20 years later: still worth any damage to my credit rating.

load more comments (2 replies)