This is bank robbery. Banking fees must have to be regulated and capped.
Upvoters36
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And the previous administration had put steps in place to lower these numbers. Unfortunately, this crooked bunch of grifters, undid all of those new rules as fast as they could.
They threw out the entire Consumer Financial Protection Bureau
It's classic corporate capture. They strip protections the second nobody is looking.
Obama made overdraft protection an OPT IN program, OFF BY DEFAULT. If you are paying overdraft fees you are OPTED INTO the program, you likely got lied to by the bank, they'll say its required, everyone uses it, they'll tell you anything they can to keep you from knowing you...
I'm just so angry and so tired all the time.
That’s unfortunately their plan, exhaust us with all the nonsense until we stop caring
Me too Half the time i feel like I have three settings, 'mad', 'sad', and 'off'
This along with apartment fees have to go.
Which fees?
First time I've been in an apartment paying rent and that 20 bucks they take from my account was seriously surprising. Why is it even a thing?
Are you talking about the convenience fee of paying with a credit card? Usually there is no fee for ACH.
Remember when the Biden administration set caps for bank fees and then the Trump administration removed them....
And still somehow less than what Pete Hegseth spent on king crabs in a month
So glad these banks get bailouts when they fail but can still pull shit like this. Whole system is fucking crooked
Capitalize the profits, socialize the loses. Tale as old as time
I remember during Obama working families took over parking lots with their car-home communities, after they lost their homes because he saved his banker buds instead. Oh but he played basketball!
ugh yeah $89 billion in overdraft fees from people already broke is straight up predatory. banks gotta stop treating us like atms when we’re already scraping by
Not only do they change the fees but they reorder transactions in order to maximize them. The bank I was with 15ish years ago almost burned me big time with it. I had made a few small purchases one day with my account still positive at the end of the day. Then the next morning...
The only reason banks do this is because the government lets them. We need our government to start actually caring for its people and not the corporations. But obviously having a government that actually provides for its people is considered Un-American to many people
It’s just a scam! And all these banks are celebrating record profits, I’m sure.
Being poor is costly. Making mistakes is costly. Being alive is costly.
Give a man a gun and he may rob a bank. Give a man a bank and he may rob the world.
I dont believe this post for a second. CFPB puts them at 5 billion a year. Which is WAY lower than 89 billion from what i can tell that 89 billion is just fees in general fees for doing wire transfers, fees for having a bill delivered to your house, overdraft fees. atm fees...
Pretty unfortunate I had to scroll this far for a reasonable comment, typical reddit I guess
89 BILLION?? I’d believe it, where is this stat from?
That’s what I would like to know. In my experience, which is extensive these fees are usually like $25 and your account gets locked. There must be some other way to rack these up. Maybe $25 per charge and they don’t lock. I’m not sure
Facts don't matter. Outrage matters! People would rather be lied to than search for the facts themselves. I sometimes wonder if they really are actually putting stuff in the chemtrails to make us more less smart because I haven't seen any proof they aren't.
Like most tweet screenshots the source seems to be "I made it the fuck up". Most sources I've seen seem to agree instead on consumers spending $12 billion on overdraft fees in 2024. https://finhealthnetwork.org/research/overdraft-nsf-fees-bigger-burden-than-previously-estima...
[Ally ](https://www.ally.com/)Bank doesn't charge overage or ATM fees. I've had them 15 years and have never had an issue. If you happen to go red, they're honor the charges and just not let you spend until your account has been brought current. Also has some of the highest...
Would you shut the hell up before they get popular and suck like the rest of them
yeah $89 billion in overdraft fees is straight up predatory, like they’re banking on people being broke to make bank. needs to be capped asap.
It was capped. Trump removed the caps.
Aren't there settings to prevent overdrafting and avoid fees? I think utilizing that feature should cost money. People should be held accountable to know their finances and purchase accordingly.
Any account I’ve ever had allowed me to disable overdrafting. Regardless of being able to disable it, overdraft is a choice one makes, it’s odd how people here are surprised and outraged that using other people’s money costs a nominal fee.
I had to learn financial literacy from my parents. My high school had a class for it as well, but it was much more in depth learning from my parents. Sadly, it's just not taught all that well and people don't like going out to learn it either. Or research banks and their accou...
Stop giving banks your money. Start banking with a credit union.
My tiny credit union got swallowed up a few years ago by a big credit union- first overdraft used to be free if under $25, then a $7 charge per overdraft up to 3 times before further transactions were refused. They even reversed it a couple times when I was really struggling. ...
the people i know who complain about over draft fees arnt poor or broke. there just really really shitty at handling money.
This coming from a bitcoin guy is very funny.
Says the Bitcoin stan lmao. Crypto is singlehandedly driving up electricity costs for *everyone* planet wide. Bank fees are a scourge on the lower and middle class sure, but so is crypto currency.
Delete this shit. That is $300 each from 300 million Americans. That is not a reasonable number and completely made up by OP. The real number is like $5B. Which is still shitty of the banks, but don't lie.
Thank SC Senator Tim Scott. He actively worked to rollback the consumer protections put in place to limit bank fees. He touted it as a triumph of freedom.
Plenty of Democrats have worked on legislation for this. Blame Republicans for watering down or blocking it at every turn.
Or, and hear me out, just don't overdraft your bank account?
It really is that simple. Don’t want to pay fees or interest? Don’t use someone else’s money.
To be fair, sometimes you don't realize it. I had my bank enact some stupid fee, and it caused me to be overdrafted for 3 coffees over the weekend. I quickly learned my lesson and set up alerts for a specific balances.
Remember, kids, it costs more to be poor. Poverty tax is when the same shit costs you more money for not having what you need than if you just had the money you needed to begin with. Poverty is policy choice.
but regulating banks, insurance, billion dollar profit corporations is bad. that’s what they tell us. we the working class need to accept being fucked so they can big profit because small profit is bad.
Join r/WorkReform!
https://www.thestar.com/business/personal-finance/non-sufficient-funds-fee-to-be-capped-at-10-starting-this-week-saving-canadians-millions/article_198c6cbd-d0fd-48ae-bb9f-1b5d12429526.html
The true Great Wealth Transfer. From the bottom up.
Banks take from those least able to resist because they aren't strong enough to take from those that could resist. See also the book [Seeing Like a State](https://en.wikipedia.org/wiki/Seeing_Like_a_State).
Absolutely wild how much profits > people
Pretty sure overdraft fees have been limited to like $10 in Canada it's still bullshit but at least it's something
Blame your Republican voters for this shit. This was on its way to being better for everyone until the president stopped progress.
Banking should have been nationalized long ago.
We copying and pasting facebook memes from 2013
And Trump made it easier
They were regulated in the Dodd-Frank act that Obama pushed for after the financial crisis. Then it got slowly defanged until it essentially had no enforcement power. Much like his ACA, just quieter. Laws need maintained not just created.
More consequences for just not bothering to vote.
They're just making numbers up and cost averaging at this point, with incremental increases. This isn't economics; this is, we own the vast majority of everything and we're just pretending to be doing complicated math. Commodities aren't trending with our technological advan...
This doesn't even include credit card interest or the bank getting a cut of each transaction on both ends.
And where did that money come from? Presumably the same place everyone's savings and retirements vanished to, back in 2008.
Even better: banks need to be nationalized under a revolutionary governmet
The insane part about this tweet is that the number is made up. In 2023 the major public banks (which is like 90% of the market) collected $5.8B in overdraft fees, which is down substantially from $12-13B pre government rules which went into effect over the last few years. Sti...
And yet they can lend out the same dollar to multiple borrowers. We get personalized for trying to take out our own money when it's not there yet, they can lend out the same money multiple times - it's not a fair system; don't belief for a second that the rich "earned it". T...
This is also the same banks that lobby and push against Stablecoins and the Clarity Act, which would give a much higher yield% than bank accounts and therefore lose them a lot of clients.
Who have negative money!!!
Joe Biden took care of it. Donald Trump took it away.
They dont even take it in way. They just change digital numbers in their system because they have no money. Then they can report it as theirs and leverage it to lend more. They just make up money and profit of it
The robbers are the same people; they just run the banks now.
Robbin a bank is nothin compared to runnin a bank.
The artist Ren says in one of his songs "The biggest bank robbers are the banks and the politicians."
What's really fun is when they charge the higher amount first so they can do multiple overdraw fees.
I once had an 11 cent overdraft spiral into over 1000 dollars in fees which left me negative for two full pay periods. Would have been more but I had to cancel my direct deposit and cash my check (and pay a fee for *that* of course) because otherwise my paycheck just kept goi...
Now I'm wondering how much of that is collectable
BMO doesn’t charge overdraft fees.
and one of the first companies in line looking for Government bailout $ ( that's all of us) when times are tough.
If they wee able to take $89B, people clearly had money /s
Here is a secret for avoiding bank fees....... Credit Union! SHHHHHHH don't tell anyone!
I got charged an overdraft fee once because I had a subscription I forgot to cancel that was on autopay. I got the company to reverse the charge, but my bank still insisted with the over draft as my account hit the negatives even though I had the charge reversed. The only reas...
If you haven't already, consider moving away from your mega (or just evil) bank. Bonus you can go with one that's nicer to the planet. https://bankforgood.org/ https://bank.green/ https://www.bcorporation.net/en-us/find-a-b-corp/?query=bank&sortBy=companies-productio...
run up credit cards, don't pay. get your money back from Them.
Banking is legalized grift. Banks take in deposits, then lend out more than they have and collect interest and fees on monies that do not exist or they borrowed directly from the federal reserve at special rates reserved for them. It has a purpose, but the whole industry is e...
Crazy idea. Dont spend what you cant afford. Shocking idea
Yeah, I agree. Companies should be able to do anything they want to people as long as its even remotely possible to avoid it. Check cashing fees? Should have got direct deposit! ATM fee? Should have left your money in the bank! Online payment convenience fees? Should have s...
Crazy idea: as a bank, decline the charge.
I know this idea hasn't crossed your mind, you seem like someone who thinks everyone should just eat less avocado toast - but not everything charging to your bank account is an option. Rent autocharges for alot of people, as does "luxuries" like insurance. If you dont have the...
Have you tried not borrowing money if you cant pay it? Or not using money you dont have?
Found the sheltered person who’s never had to struggle.
Yeah, you have three options: 1) No overdraft. If you have no money, you can't make any transactions. 2) Overdraft, but no fees. This is a non-starter - banks would simply decline overdraft. 3) Overdraft with fees.
The fact that the option exists that the bank can turn off overdraft charges but you have to opt-into it means there's a way the bank can make this easier on the customer but simply choose not to. Guess you like giving big companies punishing people for not being responsible...