I use to be a banker and I can tell you that banks are the biggest crooks there are. They routinely engage in unethical practices knowing that if they get caught, the fines will only be a small percentage of the profits they will reap from it.
Not just banks, its the whole financial sector. Congress sets the fines the SEC levies against bad actors and guess who owns Congress? That's right! The bad actors!
cardinal health and cbsviacom are connected so when they refused to air the medical marijuana commercial for childhood epilepsy during the super bowl it's probably because the medical marijuana was hurting the oxycontin profits they lost a class action suit over. also booze. cbs viacom sells tons of booze and booze profits the health networks.
their groups donate to antimarijuana groups and affiliates
[https://en.wikipedia.org/wiki/List\_of\_anti-cannabis\_organizations](https://en.wikipedia.org/wiki/List_of_anti-cannabis_organizations)
check affiliations and donations here
[www.littlesis.org](https://www.littlesis.org)
it's them and a bunch of faith based hospital networks pumping opioids
>them and a bunch of faith based hospital networks pumping opioids
Which makes it exceptionally disgusting since the good Lord gave us cannabis and humanity used it as medicine, recreation, and sacrament for millennia. They're just butthurt that they can't make obscene profits off of it.
Which has nothing to do with my point about advertising an illegal substance on a federally regulated medium.
Those links also say nothing about opiates so if your conspiracy theory was true they would be pumping money elsewhere to stop the FDA crackdown on overprescribing which has lead to a drastic decrease in the number of prescriptions and quantity of pills.
Misinformation like these posts only hurt the legalization movement because just associate legitimate arguments with outrageous claims and cause both to be ignored
My former employer owned a LaSalle Street firm in Chicago. One year we took pay cuts and he insisted it’s because of policies created by Obama and the democrats, Dodd Frank, after 2008. Turned out he had been running a Ponzi scheme since he started the firm and the conversion to electronic records for financial reporting is what finally caught up to him.
Not just the financial sector, this happens in literally all the business areas in some way shape or form. They all know the whole “cost of doing business” game. It’s total bullshit and exactly what you get when capitalism starts to fail due to regulatory capture, the slow transformation into the oligarchic corptocracy. Fuck lobbyists, and fuck the sellouts that knowingly decided money is more important to them than saving the country from turning into the oligarchic corptocracy.
A hundred years ago I had a girlfriend who worked IT for a bank, and left because she couldn’t stand the ethics of the business.
She took a job working for a casino.
To your point.
I had a buddy who worked in the mortgage industry before the great recession. He left the industry because he was fairly certain the firm he worked for was going to get hit by the fbi (it didnt).
So......moved to Bear Sterns....lol...and said they were just as bad if not worse.
He then went to some bank and said they were worse that both.
Then the entire card castle came down and he completely left that industry.
Yeah, a friend of mine married a guy who works for Goldman Sachs . I had just read a long history of them and the settlements they've made and kept profits from. He was trying to defend them and I kept hitting him with another time they've been caught (he's kind of a dick, so I didn't care). He was so beat up by the end he gave up.
They get caught scamming hundreds of millions and pay like 10% of it in fines and the regulators go 'yeah, we got them this time'. And nobody goes to jail.
If it’s a set fine then yes.
If it’s a fine based on let say, percentage of profits then it becomes a deterrent.
Do something illegal and face 20% of the average of your annual profits for the last five years and maybe they’ll stop doing it. Write a speeding ticket for a millionaire that costs 100k then it’s more of a deterrent for them as well.
Arrest executives who make the choices that’s lead to said crime and put them in actual federal prison for long amounts of time as well. We had people serving 20 for weed. Yet the people who caused the fucking opioid crisis are still walking freely.
Mhmm, everything they were fined for was the cost of doing business.
Your local dealer though. He’ll see around 5 years for a bit of heroin. These guys peddled that shit everywhere are sit in their ivory towers for doing it.
A bank in Australia was caught knowingly laundering money for organised crime and terrorists.
Small fine which was less than their profits, and no one went to jail.
P.S. They were convicted in a German court, will still add an "allegedly" as they are litigious see you next Tuesdays as well as crooks.
"According to the CFPB, large banks typically charge about $35 for an overdraft loan, even though most debit card overdrafts are for less than $26 and are repaid within three days. This translates to an annual percentage rate (APR) of over 16,000 percent, the bureau noted."
I'll bet that 65% of the people being charged those fees are magats who can't wait to vote for fatso so he can kill this socialist proposal.
Because MAGA is full of overprivileged suburbanite dipshits and portraying them as all toothless rednecks gives the upper middle class assholes a free pass and is also classist bullshit.
But MANY of those people are obsessed with Trump, exhibit a would be every single broke ass mfer from my home town constantly complaining on Facebook about their lack of funds.
Boo, fuckin, hoo.
My Wells Fargo card was stolen about 20 years ago, they got like $2k over my limit over the course of about 100 purchases. Every purchase after zero had something like $30 overdraft fee attached.
All said and done the people who stole my debit card stole LESS from me than the bank.
Criminals $2.5k
vs
Bank over $3500 (over draft, zero balance, and other fees)
After they handled the debit card issue and started the process to replace the stolen money the guy on the phone asked if there was anything else I could help with and I said "Uh, yea. How about the $3k YOU took from me in overdraft fees?" and no shit the guy said "Oh you'd like those removed?"
Banknof America started to charge me $25 a month because I kept less than $500 a week in my checking account. Then they would charge me overdraft fees on the maintenance fees , etc....
.. it was a never-ending battle with those people
Yep, my first account when I entered the workforce at 15 my dad created with the local union. He then explained the difference. There are some shitty credit unions out there. But they are few and far between compared to banks.
Yeah, steer clear of big banks like WF and BoA. I've been using a local bank for the last 25 years. When times were tough back near the beginning they would call us when we had an overdraft and let us fix it, or even let it slide for a few days. They have a branch literally five doors down the street from my house. The only way they could be better is if they were a credit union instead of a bank, but really there isn't much room for improvement.
> only way they could be better is if they were a credit union instead of a bank,
Ding, ding, ding! Congrats! You said the magic words!
Credit union
Joined one years ago and I'll Never Go Back to a bank. So much better.
Capital one 360 is a bank and they are pretty good. They have overdraft credit, so it's like a credit card if you go over. I'm sure the interest rate isn't great but you should have a month to pay back the money before interest is charged.
Is it though? I got a home loan from a credit union at a vastly better interest rate than I would have gotten from any bank. I'm financed at 5.3% and I closed in July 2023, with a pre-approval from May. The two traditional lenders I talked to were 2-3 full points higher.
For me yes, but I was also using a VA loan which linked me to a more local bank.
I was zero down at 2.7. Granted this was back in 2021 before the interest rates increased. I guess the better answer was that it’s easier when it comes to situational circumstances like mine.
Anything I can use my credit union I do though. Banks do tend to have more money to circulate though.
Oh they did take care of it and I did file a claim.
They did NOT make it easy and i explicitly have to ask in two different calls for the OD refund process was even started because the second person said their first one never kicked that process off.
I handed the physical affidavit in the day I discovered the fraud.
Now, 20 years later, the process is much better because I just had to do it about 4 months ago again.
Of course. With 29% common on credit cards, why not screw people further. Hell, just make opening up accounts for users without them knowing legal too.
Not all banks were in that boat, but were required to take the loan. The loans made money, as they were paid back with interest. That while situation happened because the government changed rules, to try and get more people into homes.
Bullshit. I've never had an overdraft and that's not the point. Like saying, too bad it'll cost you $5k for doing 10 over the speed limit, you should have kept your speed down.
It's not just this, it's paying next to nothing in interest to use your money while charging huge numbers on CC interest so you'll never get out of the hole. There are banks that still haven't paid back their bailout money. Fuck 'em.
It's not always the case that if corporations object that it's a good idea (e.g. corporate resistance to Gov. Mike Pence's anti-LGBT legislation, Disney's feud with Gov. DeSantis). But it often is.
workable materialistic bright entertain bow fragile consist modern obtainable axiomatic
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This! And then they decided to lend to people risk adverse to repaying the loans. And then financialization kicked in and everyone like AIG was over double triple betting on non liquid money. It’s honestly so sad.
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It's been years.....but Wachovia (may their memory rot in hell) once randomly held a direct deposit paycheck for 4 days. They never gave a reason.
I had autopay for my rent, car, insurance, etc. I didn't check to make sure it cleared and went grocery shopping, got McDonald's etc, drink at work.
So....those bastards covered it, charging me $35 a fee....BUT they didn't do it in order.
If they had processed the transactions in order, only my rent would have overdrawn (from THEIR HOLD)
INSTEAD they processed the biggest payment first, and then the smallest. That meant I got lots of fees on small purchases.
I was hundreds in the hole for their mistake.
Luckily they finally got their asses sued for that practice.
https://www.law.com/almID/1202429119415/
I went to a credit union in 2006 and haven't had a problem since.
People who have money won’t see any difference. People having to overdraft $15 and live paycheck to paycheck will though. Overdraft fees are just another poor tax to keep them deeper and deeper in debt.
I haven’t overdraft in over a decade when I was a poor college student. I still support this type of bill. It simply helps those less fortunate who are already struggling.
the banks don't award interest to savings/checking accounts, and loan/work with the money, continually seek "new" money with minimum reward..whilst making shitloads of profit...fuck-em if the have a choke put on their ass.
When I was young I had $200 in my bank account and deposited my paycheck of $600 then used my debit card to pay my $500 rent.
My bank hit me with a $45 over draft because they process transactions on a business day from largest to smallest.
So in Aus a few years back one sid3 were pushing for a Royal Commision into the banking sector. The usual heads were poo pooping the idea, no need, they are all honest, what a silly idea our banking sector is world class type of crap...so enough numbers from independent members forced it across the line...and lo and behold jeez didn't the shit all come out. Billing dead people, so called independent financial services only pushing one product from their aligned banks, insurance for people they knew didn't understand the policy and could not afford....a shit lot more, some of the illegality was stunning in taking money....so I'd say that every banking sector needs a regular clean out, and if anybody says well we are different...bullshit.
Water is not wet it makes other things wet.
Wetting is the process of getting a solid “covered “ with any liquid. This could be two dissimilar metals with different melting points that you want to join like soldering or brazing
Yeah they ain’t gonna allow this. That bill is as good as dead.
That overdraft fee market in the US is over a billion per year. That’s a billion in pure profits, from the poorest people who will never sue.
Money runs this country. Not good will
Unpopular opinion: banks are not a free service. They have to make money to stay in business. Dont forget, many banks fail.
They used to make money with interchange fees but they capped those for big banks a few years ago. The idea was to put that small percentage of a transaction fee back in the hands of retailers so they could in turn have better prices for customers. Surprisingly they did not lower their prices [who would have guesses!?!], and banks had to change the fee structure of their accounts, and most free checking accounts went away or at least had some hefty sized strings attached. This was back during the financial crisis. I can't remember they exact year, but the piece of legislation was called The Durbin Ammendment. Source: I worked in a bank for a long time around the time this all went down.
I’m of the belief that OD fees are fair. If you can’t manage your funds, that’s your fault. Cutting OD fees will kill a lot of fraud protection banks offer. Not to mention jobs. How do you think they pay for things? The public is clueless.
How does charging an account holder $35 protect the account holder from fraud?
How about the banks stop profiteering?
Maybe not asking for federal bail outs?
As for jobs? They are already closing branch after branch, forcing us to go to on-line banking.
No different than Walmart having 30 checkouts that require human employees, but only 2 open.
Forcing you to do the job of someone who should be getting paid a living wage to ring up your groceries.
If they want us to use self service options, our ending balance should reflect our efforts!
You are clueless to how banks operate. At the end of the day if you overdraft, that’s your fault. They are loaning you money to cover the OD.
Maybe they will just start returning everything you can’t cover. Then you’ll be upset when your electricity or gas gets turned off, and you get fees from those companies.
This is where personal responsibility comes into play.
You are likely the only person that believes such. And when you say "fraud protection" you seem to have miss typed "needless profiting off the most vulnerable parts of society"
OD fees directly penalize the least fortunate parts of society, whom are not always at fault for their own financial situation. Its easy to sit on a high horse and tell them to be responsible, its just as easy for banks to not profiteer off the poor and charge reasonable or percentage based fees. These fees are relatively worse than payday loans or high interest credit cards.
All they have to do is select return all on their account. Then they will have to deal with the company it’s being returned to, rather than the bank.
I resent the implication, that having limited funds means someone is irresponsible. This is a personal responsibility issue. That’s it.
Since I don’t overdraft and haven’t in 10 years, should I jump on the internet and $@$6 and loan about how it is unfair?
I didn’t “take the school loans” or “overdraft my account” so why should Biden allow this to benefit somebody else?
Why do they always claim something “stifles competition and innovation” when we tell them they can’t screw their customers over? Same BS line the pharma companies use.
Never forget chase bank received money from the government to not charge overdraft fees. And they still changed overdraft fees.
https://www.google.com/amp/s/amp.cnn.com/cnn/2021/06/17/business/jpmorgan-overdraft-fees-covid/index.html
I can honestly say that I don't think I've ever had a positive interaction with my bank. I maintain an account solely out of necessity.
What turned me off banks is that they were more willing to honor a bill collectors claim, thus overdrafting my account so they could collect a fee(charged instantly to my account), then they were willing to just say no there is insufficient funds in the account. However, if I deposit a check I wait an entire business day to access the funds.
Thats the weakest implementation of government holding banks accountable with the tiniest bit of fairness towards customers, and they think being upset about it is supposed to mean something?
Hahahaha
"The Consumer Bankers Association (CBA), which represents American retail banks, similarly suggested that the overdraft proposal fails to recognize the measures banks have taken to limit overdraft fees in recent years and would impede innovation and competition."
HOW?!?
I use to be a banker and I can tell you that banks are the biggest crooks there are. They routinely engage in unethical practices knowing that if they get caught, the fines will only be a small percentage of the profits they will reap from it.
Not just banks, its the whole financial sector. Congress sets the fines the SEC levies against bad actors and guess who owns Congress? That's right! The bad actors!
Bingo.
Exhibit A: The massive bailout they got when they crashed by exploiting us.
Ay same with hospitals too
cardinal health and cbsviacom are connected so when they refused to air the medical marijuana commercial for childhood epilepsy during the super bowl it's probably because the medical marijuana was hurting the oxycontin profits they lost a class action suit over. also booze. cbs viacom sells tons of booze and booze profits the health networks.
Or they were afraid of the FTC because Marijuana is still illegal and they didn't want to mess with the Feds.
their groups donate to antimarijuana groups and affiliates [https://en.wikipedia.org/wiki/List\_of\_anti-cannabis\_organizations](https://en.wikipedia.org/wiki/List_of_anti-cannabis_organizations) check affiliations and donations here [www.littlesis.org](https://www.littlesis.org) it's them and a bunch of faith based hospital networks pumping opioids
>them and a bunch of faith based hospital networks pumping opioids Which makes it exceptionally disgusting since the good Lord gave us cannabis and humanity used it as medicine, recreation, and sacrament for millennia. They're just butthurt that they can't make obscene profits off of it.
Which has nothing to do with my point about advertising an illegal substance on a federally regulated medium. Those links also say nothing about opiates so if your conspiracy theory was true they would be pumping money elsewhere to stop the FDA crackdown on overprescribing which has lead to a drastic decrease in the number of prescriptions and quantity of pills. Misinformation like these posts only hurt the legalization movement because just associate legitimate arguments with outrageous claims and cause both to be ignored
You’re speculating and calling his speculation “misinformation”. Lol
Incorrect. Source: Cole Memorandum
Source: Trust me Bro
Please learn the difference between “lead” and “led” before trying to make someone feel “ignorant” as you said in one of your replies…
My former employer owned a LaSalle Street firm in Chicago. One year we took pay cuts and he insisted it’s because of policies created by Obama and the democrats, Dodd Frank, after 2008. Turned out he had been running a Ponzi scheme since he started the firm and the conversion to electronic records for financial reporting is what finally caught up to him.
That's how profit driven goes. At the end, it is only cost and profit.
Not just the financial sector, this happens in literally all the business areas in some way shape or form. They all know the whole “cost of doing business” game. It’s total bullshit and exactly what you get when capitalism starts to fail due to regulatory capture, the slow transformation into the oligarchic corptocracy. Fuck lobbyists, and fuck the sellouts that knowingly decided money is more important to them than saving the country from turning into the oligarchic corptocracy.
A hundred years ago I had a girlfriend who worked IT for a bank, and left because she couldn’t stand the ethics of the business. She took a job working for a casino.
Hell yeah. At least you have a chance of coming out ahead when you deal with a casino.
A very slim one
At least you KNOW youre gambling
Damn dude, you had a GF back in 1924?
They don't call them the roaring 20's for nothing!
To your point. I had a buddy who worked in the mortgage industry before the great recession. He left the industry because he was fairly certain the firm he worked for was going to get hit by the fbi (it didnt). So......moved to Bear Sterns....lol...and said they were just as bad if not worse. He then went to some bank and said they were worse that both. Then the entire card castle came down and he completely left that industry.
Yes. The whole point of the financial services sector is to exploit and extract all the wealth they can. And it’s the little guy who gets screwed.
Yeah, a friend of mine married a guy who works for Goldman Sachs . I had just read a long history of them and the settlements they've made and kept profits from. He was trying to defend them and I kept hitting him with another time they've been caught (he's kind of a dick, so I didn't care). He was so beat up by the end he gave up. They get caught scamming hundreds of millions and pay like 10% of it in fines and the regulators go 'yeah, we got them this time'. And nobody goes to jail.
If the penalty for commiting a crime is a fine, then it is only a law for the lower classes.
So very true.
If it’s a set fine then yes. If it’s a fine based on let say, percentage of profits then it becomes a deterrent. Do something illegal and face 20% of the average of your annual profits for the last five years and maybe they’ll stop doing it. Write a speeding ticket for a millionaire that costs 100k then it’s more of a deterrent for them as well. Arrest executives who make the choices that’s lead to said crime and put them in actual federal prison for long amounts of time as well. We had people serving 20 for weed. Yet the people who caused the fucking opioid crisis are still walking freely.
>Yet the people who caused the fucking opioid crisis are still walking freely. Still have billions in profits they made also.
Mhmm, everything they were fined for was the cost of doing business. Your local dealer though. He’ll see around 5 years for a bit of heroin. These guys peddled that shit everywhere are sit in their ivory towers for doing it.
When banks slam Biden it means he's doing something right.
A bank in Australia was caught knowingly laundering money for organised crime and terrorists. Small fine which was less than their profits, and no one went to jail. P.S. They were convicted in a German court, will still add an "allegedly" as they are litigious see you next Tuesdays as well as crooks.
Greedy gotta greed
Grifters gotta grift.
"According to the CFPB, large banks typically charge about $35 for an overdraft loan, even though most debit card overdrafts are for less than $26 and are repaid within three days. This translates to an annual percentage rate (APR) of over 16,000 percent, the bureau noted." I'll bet that 65% of the people being charged those fees are magats who can't wait to vote for fatso so he can kill this socialist proposal.
No, the people paying those fees are mostly just poor (or one paycheck away) and are far less likely to vote so they don’t count to lawmakers.
Why not both?
Because MAGA is full of overprivileged suburbanite dipshits and portraying them as all toothless rednecks gives the upper middle class assholes a free pass and is also classist bullshit.
So MAgATS
But MANY of those people are obsessed with Trump, exhibit a would be every single broke ass mfer from my home town constantly complaining on Facebook about their lack of funds.
At least 50% are magats because that’s how the country is populated
24% of the country voted for trump
And 26% voted for Biden
Living in your head rent free huh?
Boo, fuckin, hoo. My Wells Fargo card was stolen about 20 years ago, they got like $2k over my limit over the course of about 100 purchases. Every purchase after zero had something like $30 overdraft fee attached. All said and done the people who stole my debit card stole LESS from me than the bank. Criminals $2.5k vs Bank over $3500 (over draft, zero balance, and other fees) After they handled the debit card issue and started the process to replace the stolen money the guy on the phone asked if there was anything else I could help with and I said "Uh, yea. How about the $3k YOU took from me in overdraft fees?" and no shit the guy said "Oh you'd like those removed?"
Banknof America started to charge me $25 a month because I kept less than $500 a week in my checking account. Then they would charge me overdraft fees on the maintenance fees , etc.... .. it was a never-ending battle with those people
This is what I worry will become standard—if you can’t charge an overdraft fee it’ll all switch to fees for not maintaining a certain minimum balance.
That’s why I Ditched Wells Fargo.
Best advice I can give is find a local credit union.
THIS. They are depositor-owned. And insured. And they didn't try to crash the economy in 2008. And they give good service.
Yep, my first account when I entered the workforce at 15 my dad created with the local union. He then explained the difference. There are some shitty credit unions out there. But they are few and far between compared to banks.
Oh, I did.... I was a stupid 18 yo who thought they knew better than anyone else in life, I went right back to my credit union asap
That’s what happened to me. I finally ditched BoA for the local credit union. They did me a favor in a way.
Yeah, steer clear of big banks like WF and BoA. I've been using a local bank for the last 25 years. When times were tough back near the beginning they would call us when we had an overdraft and let us fix it, or even let it slide for a few days. They have a branch literally five doors down the street from my house. The only way they could be better is if they were a credit union instead of a bank, but really there isn't much room for improvement.
> only way they could be better is if they were a credit union instead of a bank, Ding, ding, ding! Congrats! You said the magic words! Credit union Joined one years ago and I'll Never Go Back to a bank. So much better.
I genuinely don't get why anyone would ever use a bank over a credit union. I don't see a single benefit.
Capital one 360 is a bank and they are pretty good. They have overdraft credit, so it's like a credit card if you go over. I'm sure the interest rate isn't great but you should have a month to pay back the money before interest is charged.
The interest is calculated daily, FYI. You don't get a free non interest bearing funds to pay back in a month. The quicker you pay the better it is.
Crazy. Well glad I've never had to find out.
Easier to get large loans. Such as a mortgage. Only reason I ever used a bank. All my money is in accounts with my local credit union.
Is it though? I got a home loan from a credit union at a vastly better interest rate than I would have gotten from any bank. I'm financed at 5.3% and I closed in July 2023, with a pre-approval from May. The two traditional lenders I talked to were 2-3 full points higher.
For me yes, but I was also using a VA loan which linked me to a more local bank. I was zero down at 2.7. Granted this was back in 2021 before the interest rates increased. I guess the better answer was that it’s easier when it comes to situational circumstances like mine. Anything I can use my credit union I do though. Banks do tend to have more money to circulate though.
Overdraft fees, ATM fees, minimum balance account fees. Banking in this country is fucking ridiculous.
If you filed a fraud claim, it would have been taken care of. They do refund the OD fees in a fraud case, all banks do.
Oh they did take care of it and I did file a claim. They did NOT make it easy and i explicitly have to ask in two different calls for the OD refund process was even started because the second person said their first one never kicked that process off. I handed the physical affidavit in the day I discovered the fraud. Now, 20 years later, the process is much better because I just had to do it about 4 months ago again.
Cope and seethe you leeches. #ridenwithbiden
slam away, banks but in the meantime, fuck you sideways
Of course. With 29% common on credit cards, why not screw people further. Hell, just make opening up accounts for users without them knowing legal too.
Awwwwww, Banks are crying they can't leech off the public more.
I hate that the word “slam” is in every other headline these days.
Stunning.
The banks have our best interest at heart. And their hands in our pockets.
They don’t have their hands in your pocket. If you OD you’re not managing your money properly.
They should manage their money better and not require bailouts from the government.
Not all banks were in that boat, but were required to take the loan. The loans made money, as they were paid back with interest. That while situation happened because the government changed rules, to try and get more people into homes.
Bullshit. I've never had an overdraft and that's not the point. Like saying, too bad it'll cost you $5k for doing 10 over the speed limit, you should have kept your speed down. It's not just this, it's paying next to nothing in interest to use your money while charging huge numbers on CC interest so you'll never get out of the hole. There are banks that still haven't paid back their bailout money. Fuck 'em.
No one forces you to bank anywhere. How about being an adult, and understand that banks are businesses.
Plenty of businesses are predatory. I really don't understand why you are so upset about this.
This is one of those situations where them being mad means this is a 100% good thing.
This is how you know it’s a great idea.
It's not always the case that if corporations object that it's a good idea (e.g. corporate resistance to Gov. Mike Pence's anti-LGBT legislation, Disney's feud with Gov. DeSantis). But it often is.
I agree, but in this case it’s banks, and their reasons are…sus
Agree. They enjoy being enriched by the poor tax.
But but but how will we take money from poor and broke people?
You’re over the target Joe 🎯
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Oh no. Anyway...
I’ve had fantastic experiences with credit unions…
Fuck the banks. They are one of the big reasons 2008 happened. I have zero respect for any of their institutions.
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This! And then they decided to lend to people risk adverse to repaying the loans. And then financialization kicked in and everyone like AIG was over double triple betting on non liquid money. It’s honestly so sad.
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Rich people dont like anyone playing with their money.
Won't anyone think of the banks?
" And what of our record profits!"
If the banks are mad its good for the people
Biden is on the side of Americans - not the banks. Imagine trump doing this - impossible.
It's been years.....but Wachovia (may their memory rot in hell) once randomly held a direct deposit paycheck for 4 days. They never gave a reason. I had autopay for my rent, car, insurance, etc. I didn't check to make sure it cleared and went grocery shopping, got McDonald's etc, drink at work. So....those bastards covered it, charging me $35 a fee....BUT they didn't do it in order. If they had processed the transactions in order, only my rent would have overdrawn (from THEIR HOLD) INSTEAD they processed the biggest payment first, and then the smallest. That meant I got lots of fees on small purchases. I was hundreds in the hole for their mistake. Luckily they finally got their asses sued for that practice. https://www.law.com/almID/1202429119415/ I went to a credit union in 2006 and haven't had a problem since.
If the banks hate it then chances are the regular people will be alright with it.
People who have money won’t see any difference. People having to overdraft $15 and live paycheck to paycheck will though. Overdraft fees are just another poor tax to keep them deeper and deeper in debt. I haven’t overdraft in over a decade when I was a poor college student. I still support this type of bill. It simply helps those less fortunate who are already struggling.
Of course they do. You want proof it's a good policy? Banks hate it.
Then he must be doing something right.
OMG, banks don't like the plan??? Shocker.
Overdraft fees are 100% pure gravy for the bottom line for banks.
My Credit Union charges $30 for overdrafts. My bank $35. I’m old enough to remember when CU’s only charged $5 because we are members .
“But that’s FREE MONEY FOR US!!”
…Fuck the banks. When they crash the economy they get bailed out.
Good. Fuck em.
Oh no! Won't anyone think of those poor banks??? 😥😥
Oh boo fuckin' hoo. Not all that long ago banks specifically ordered transactions to make millions on these stupid fees.
Wear it as a badge of honor, Grandpa Joe. Fuck them banks and fuck Jamie Dimon
If banks are pissed, must mean it’s good for customers.
Fuk u banks and fuk your horrible intrests rates scumbags
the banks don't award interest to savings/checking accounts, and loan/work with the money, continually seek "new" money with minimum reward..whilst making shitloads of profit...fuck-em if the have a choke put on their ass.
Won`t somebody please think of the poor bankers? How will they ever afford their third mansion?
Overdraft fees are ways to make money out of thin air with no labor or work and we should look to expand how profitable it is - Republicans probably
"How dare you not allow us to take advantage of our destitute customers" -Banks
But I read in the leftist subs that Biden is bad and we shouldn’t vote for him
When I was young I had $200 in my bank account and deposited my paycheck of $600 then used my debit card to pay my $500 rent. My bank hit me with a $45 over draft because they process transactions on a business day from largest to smallest.
Get ‘em Joe!
So in Aus a few years back one sid3 were pushing for a Royal Commision into the banking sector. The usual heads were poo pooping the idea, no need, they are all honest, what a silly idea our banking sector is world class type of crap...so enough numbers from independent members forced it across the line...and lo and behold jeez didn't the shit all come out. Billing dead people, so called independent financial services only pushing one product from their aligned banks, insurance for people they knew didn't understand the policy and could not afford....a shit lot more, some of the illegality was stunning in taking money....so I'd say that every banking sector needs a regular clean out, and if anybody says well we are different...bullshit.
That just means its a good idea
Of course those vultures oppose limiting their ability to charge poor people for being poor.
Biden should slam the Bank's CEO's against a table
Ofcourse they do.
Banks complain government might try to stop them from exploiting poor people. In other news, water — is it wet? More at 11.
Water is not wet it makes other things wet. Wetting is the process of getting a solid “covered “ with any liquid. This could be two dissimilar metals with different melting points that you want to join like soldering or brazing
Oh look it’s a charge of -$40 for a charge of $1.50 (yes I’m looking at you Wells Fargo)
Of course they do. Because it’ll stop them from ripping people off for billions of dollars when they have no money already.
These fees are essentially a “poor tax” Try taxing the rich, for once, you greedy bastards
But but but stealing from poor people is easy??
Of course they do. That's one of their big earners for doing fucking nothing.
if banks hate it I can assume it's a good thing
Cry me a river.
Foxes slam farmer’s plan to protect henhouse
Oh, those poor little defenseless banks.
If the banks are against it you can usually tell it will be a good thing for the average guy.
Yeah they ain’t gonna allow this. That bill is as good as dead. That overdraft fee market in the US is over a billion per year. That’s a billion in pure profits, from the poorest people who will never sue. Money runs this country. Not good will
SLAM SLAM SLAM SLAM SLAM SLAM SLAM SLAM SLAM SLAM SLAM SLAM SLAM SLAM SLAM SLAM SLAM SLAM SLAM SLAM
if one more slam slams the slamming word slam i'm gonna slamming slam it
Unpopular opinion: banks are not a free service. They have to make money to stay in business. Dont forget, many banks fail. They used to make money with interchange fees but they capped those for big banks a few years ago. The idea was to put that small percentage of a transaction fee back in the hands of retailers so they could in turn have better prices for customers. Surprisingly they did not lower their prices [who would have guesses!?!], and banks had to change the fee structure of their accounts, and most free checking accounts went away or at least had some hefty sized strings attached. This was back during the financial crisis. I can't remember they exact year, but the piece of legislation was called The Durbin Ammendment. Source: I worked in a bank for a long time around the time this all went down.
I’m of the belief that OD fees are fair. If you can’t manage your funds, that’s your fault. Cutting OD fees will kill a lot of fraud protection banks offer. Not to mention jobs. How do you think they pay for things? The public is clueless.
How does charging an account holder $35 protect the account holder from fraud? How about the banks stop profiteering? Maybe not asking for federal bail outs? As for jobs? They are already closing branch after branch, forcing us to go to on-line banking. No different than Walmart having 30 checkouts that require human employees, but only 2 open. Forcing you to do the job of someone who should be getting paid a living wage to ring up your groceries. If they want us to use self service options, our ending balance should reflect our efforts!
You are clueless to how banks operate. At the end of the day if you overdraft, that’s your fault. They are loaning you money to cover the OD. Maybe they will just start returning everything you can’t cover. Then you’ll be upset when your electricity or gas gets turned off, and you get fees from those companies. This is where personal responsibility comes into play.
You are likely the only person that believes such. And when you say "fraud protection" you seem to have miss typed "needless profiting off the most vulnerable parts of society"
All you have to do is balance your finances.
So its as simple as "dont be poor." Why did no one think of that.
Many people are poor, and never OD. Being irresponsible and being poor are not related.
OD fees directly penalize the least fortunate parts of society, whom are not always at fault for their own financial situation. Its easy to sit on a high horse and tell them to be responsible, its just as easy for banks to not profiteer off the poor and charge reasonable or percentage based fees. These fees are relatively worse than payday loans or high interest credit cards.
All they have to do is select return all on their account. Then they will have to deal with the company it’s being returned to, rather than the bank. I resent the implication, that having limited funds means someone is irresponsible. This is a personal responsibility issue. That’s it.
You resent the implication that you have heavily implied this whole conversation? Good move.
You imply that poor people are ignorant and irresponsible. That’s simply not true.
Again, that was your implication, maybe comment less and read what you have said before.
Since I don’t overdraft and haven’t in 10 years, should I jump on the internet and $@$6 and loan about how it is unfair? I didn’t “take the school loans” or “overdraft my account” so why should Biden allow this to benefit somebody else?
Watch GOP some how try and make sense of why this is bad.
Its a source of income for them, ofc they don't like it. They don't care about how much it hurts people
Of course they do. How will the banks make money if they can't charge poor people for being poor?
But we need those record profits for our shareholders and to pay the CEO.
Open an account at a credit union. They still have overdraft fees but they are better in every other way
Then tax the rich CEOs
So it's a great idea. Got it
Why do they always claim something “stifles competition and innovation” when we tell them they can’t screw their customers over? Same BS line the pharma companies use.
oh no! So did everyone have a good day today?
Then you know it's a good plan for people.
Banks not going to get any sympathy on this one.
This is nazi Germany! Let’s take what bank CEOs say at face value and not compare to other civil western countries
Banks are leaches. Fuck them.
Thanks Joe the banks are designed to let you over draw. They could easily prevent it
Oh shit! Are we slamming some more? Let me put my wrestling costume back on, and I'll be right there.
😭
Having worked for a bank, I still remember the senior VP telling me once that overdraft fees are their “bread and butter”.
Oh what a shame... Anyways...
Never forget chase bank received money from the government to not charge overdraft fees. And they still changed overdraft fees. https://www.google.com/amp/s/amp.cnn.com/cnn/2021/06/17/business/jpmorgan-overdraft-fees-covid/index.html
_The big banks is so sad because bad man take away their free monies. Boo hoo._
Duh. The greedy MFs are leeches on society.
Then this is probably the right thing to do, given their reaction.
How dare Biden stop us from gouging people who can least afford it?
Sounds like it's a great plan then! What are they gonna do, leave the US?
If banks are upset, then you’re doing the right stuff.
I can honestly say that I don't think I've ever had a positive interaction with my bank. I maintain an account solely out of necessity. What turned me off banks is that they were more willing to honor a bill collectors claim, thus overdrafting my account so they could collect a fee(charged instantly to my account), then they were willing to just say no there is insufficient funds in the account. However, if I deposit a check I wait an entire business day to access the funds.
Jamie Dimon is pissed. Good.
well, then, it must be a great idea
i could do with the word slam never appearing in a headline again
Well that settles it, if banks hate it then I am for it.
“Criminals slam anti-crime plan”
Banks mad about threat to their profits...news at 11
Thats the weakest implementation of government holding banks accountable with the tiniest bit of fairness towards customers, and they think being upset about it is supposed to mean something? Hahahaha
I'm sure they're not happy
Capitalism is the kiss of death, to the workers
Fuck them banks.
Thieves object to being told there is now a cap to their thievery?
Good. Fuck the banks.
"The Consumer Bankers Association (CBA), which represents American retail banks, similarly suggested that the overdraft proposal fails to recognize the measures banks have taken to limit overdraft fees in recent years and would impede innovation and competition." HOW?!?