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#overdraft

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Kim Sudenlehto

My #Bank, ages ago, "sold" me #VisaDebit card by telling me that with it and the other services they offered #Overdraft was impossible. I believed them. It made sense that the bank would make sure that I simply couldn't spend more than what I actually had.

I was quite surprised when it happened the first time, and ever since I've tried to stay aware of how much I have on my account. Somehow there is a form of payment that somehow bypasses my bank's ability to prevent overdraft. Makes no sense, but apparently that is a thing. I still have no clue how or why it happened.

Despite their assurances the overdraft was somehow my fault, so I had to pay the fee that was bigger than the actual overdraft.

Public
input.translation

"On Wednesday the Consumer #Financial Protection Bureau announced a proposed rule for bank overdraft #fees at #banks that have more than $10 bil. in assets.

While the average overdraft is $26.61, some banks charge as much as $39 per #overdraft. The #CFPB estimates that in the past 20 years, banks have collected more than $280 billion in #overdraftfees. (One bank’s chief executive officer named his boat 'Overdraft.')"

#banking #regulation #fees #biden #chevrondoctrine

heathercoxrichardson.substack.

Letters from an American · January 19, 2024By Heather Cox Richardson
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Third spruce tree on the left

Of all the low down scummy #bank #fees, I think I hate the NSF fee the absolute worst.

Back in the day, it made sense when electronic transactions didn't exist and while cheques could be routed electronically due to their routing number, a human still had to process it. There was cost associated with the bounce.

But $48 for dipping $2 into #overdraft on a $15 purchase these days? Cmon. It costs the bank *nothing* (ok a few electrons of server power). The true definition of a #tax on the #poor.

Public
guyinahat

washingtonpost.com/politics/20

Isn't it great? Now shit doesn't even need to be real to be #regulated!!! We need a law to stop #skydivers from giving #elephants blow jobs at the #zoo! And how about the guys in #Catholic mass that pass the #collection box? Have your pennies disappeared from under your car seat lately??? We need a law for that! Aren't you #disappointed at the system everytime you must pay an #overdraft fee but they don't give you a #lollipop 🍭? What are they even thinking?

The Washington PostMan cited in Supreme Court LGBTQ rights case says he was never involvedBy Victoria Bisset
Public
Mufasa

Wells Fargo agrees to $3.7 billion settlement with Consumer Financial Protection Bureau over consumer abuses tied to #mortgages, #AutoLoans and #overdraft fees.

The bank said fourth-quarter expenses would include a $3.5 billion operating loss, or $2.8 billion after taxes, from the incremental costs of the CFPB civil penalty and customer remediation efforts, as well as other legal matters.

#WellsFargo #CFPB
cnbc.com/2022/12/20/wells-farg

CNBCWells Fargo agrees to $3.7 billion settlement with CFPB over consumer abusesBy Hugh Son
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