The Biden Administration to cap Banks over draft fees at $3.

[Scaaar]

The only time I've had overdraft fees were college and early air force days. They helped a breh maintain when you were a day or two away from that next direct deposit.

 

[How Sway?]

Dont care!

No wall no vote!

 

[Numpsay]

at the agents in here calling this crumbs. This is going to help a ton of people.

 

[Anerdyblackguy]

That’s actually great policy. Got to salute Joe for that.

 

[Wig Twistin Season]

this only makes me wonder where they will assess new fees to recoup what they are projecting they lose in revenue due to this change

Higher APRs, lower savings account APY, bring back monthly fees even if your account is above whatever the min amount is.

 

[stepbackj34spud]

Back in College overdraft fees killed me

Yup. BOA use to kill me when i was in my teens.

 

[7th Letter Specialist]

Get rid of ATM fees as well and we can talk

 

[the cac mamba]

Wow, the economy must be going great if people are happy to save twenty five bucks.


But anyway, what kills me about bank overdraft fees is.... You're the BANK. You know I don't have any money.

A. thread is full of people saying this would have helped them years ago. stupid attempt to shyt on biden's economy

B. yeah, no shyt. which is why they lend you money you don't have, so you can spend it elsewhere

 

[Pull Up the Roots]

This is a good start, but it shouldn't only cover banks/credit unions with more than $10 billion in assets. They need to expand to small banks and smaller credit unions too, since they profit the most off overdraft and other junk fees.

The Racialized Costs of Banking

Opening and maintaining a bank account at a local bank as a person of color is more expensive than when white, finds our new report.

www.newamerica.org

Banks earn billions of dollars charging overdrafts fees, and the burden falls on those least able to afford it

Most banking fees fall to those who have the least ability to pay them, and it represents a significant source of income for the largest US banks.

www.businessinsider.com

If your aim is to reduce this burden then you need to go further than this.

 

[Rollie Forbes]

I'll give the devil his due, this is a good move by the Biden administration. Hopefully, they also address the nasty practice of banks holding deposits and forcing an overdraft.

 

[Trojan 24]

I'm assuming more banks will just put a hard stop on most purchases since they can't profit on the backend. Seems like they had a lot of folk in a never ending cycle unfortunately. Overall a good change, fukk these banks

 

[Lonj]

That's a W no matter how you feel about Biden. Although lawsuits have largely caused some banks to fall back on overdraft fees already. BOA had to fall all the way back after running pockets for so many years.

 

[MR. SNIFLES]

NOTHING WORSE THAN THE BANK REORDERING YOUR PURCHASES SO THE BIG ITEMS GO THROUGH FIRST. THEN THEY RETURN EVERY SMALL PURCHASE. YOU GET HIT FOR 35 BUCKS ON A 5 DOLLAR PURCHASE AT THE GAS STATION

 

[ChatGPT-5]

he should do something about the tipping/gratitude culture.

 

[threattonature]

What always pissed me off about it was if you had multiple transactions go through, they'd charge them in order of the highest purchase to the lowest assuring you got as many overdraft fees as possible. I called and cussed my bank out about it their reasoning was "they wanted to make sure the most expensive one went through as it's likely more important" knowing damn well its cause they want the bigger purchase to push you into the negative faster so they could collect that OD fee on as many items as possible.