https://www.rollingstone.com/politics/politics-news/republicans-vote-repeal-cap-bank-overdraft-fees-1235304880/
The Senate voted 52-48 on Thursday in favor of a resolution from Senate Banking Committee Chairman Tim Scott (R-S.C.) to repeal the rule. Scott had the gall to say that removing the CFPB’s cap on overdraft fees would be “good for consumers” while arguing for the resolution on the Senate floor.
WINNING!!!
@Zahlanzi saidThis is from NY times, same story, elaborating on the "good for consumers" argument. If I'm reading correctly, if banks cannot charge for overdrafts then they will stop allowing it altogether.
https://www.rollingstone.com/politics/politics-news/republicans-vote-repeal-cap-bank-overdraft-fees-1235304880/
The Senate voted 52-48 on Thursday in favor of a resolution from Senate Banking Committee Chairman Tim Scott (R-S.C.) to repeal the rule. Scott had the gall to say that removing the CFPB’s cap on overdraft fees would be “good for consumers” while arguing for the resolution on the Senate floor.
WINNING!!!
But, most people overdraft on accident, right. The autopay on the credit card hits before the paycheck.
How common is it that people overdraft on purpose because they just need more money? Isnt that what credit cards are for?
“If implemented, the C.F.P.B.’s 11th-hour rule imposing government price controls would force many banks to limit or eliminate overdraft protection as we know it,” said Rob Nichols, the trade group’s chief executive. “Many Americans would be driven to less regulated and higher risk non-bank lenders to cover unexpected or emergency expenses.”
I would have LOVED it if these banks would stop allowing overdrafts. You go to the store to buy something when you aren't sure if you have enough money and it goes through - and you get charged 35 bucks for each transaction, and the bank puts the transactions in order from most expensive to lowest so the first one drives you over the limit and every pack of gum and sandwich you bought that day costs another $35 - but ONLY to people who don't have any money!
Just don't allow the overdrafts! Have my card decline the purchase!
But no, the banks need to make more and more and more money without end...
I have such fond memories of when I moved out to Pennsylvania and set up a checking account at First Union Bank (now defunct I believe). I made a deposit into the new account in the form of a check, and also ordered some checkbooks. And what did they do? They charged my checking account for the checkbooks before the check I had deposited had cleared, and then charged me an overdraft fee of $20 or $30—can't remember which, but this was back in 2000. Stupid assholes. They rescinded the fee when I barked at them like a junkyard dog about the shenanigan. They had done the same thing to my wife years earlier.
Yes, a vote for the GOP is a vote to let the banks do whatever they want to screw over a customer. And, of course, a bank doesn't care who you voted for.
But I guess MAGA morons are going to keep "owning the libs" any way they can, including the ways that screw themselves royally. Idiots.
@Soothfast saidI suppose this is just the tip of the iceberg of deregulation, as promised.
I have such fond memories of when I moved out to Pennsylvania and set up a checking account at First Union Bank (now defunct I believe). I made a deposit into the new account in the form of a check, and also ordered some checkbooks. And what did they do? They charged my checking account for the checkbooks before the check I had deposited had cleared, and then charged me ...[text shortened]... keep "owning the libs" any way they can, including the ways that screw themselves royally. Idiots.
The last time the government went in for deregulation big time was during Reagan‘s presidency. Anyone here old enough to remember the savings and loan catastrophe? That cost American taxpayers a few billion dollars to put right again. Small change for Elon Musk of course.
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@Zahlanzi saidDo you live here (in the USA), or in Romania?
https://www.rollingstone.com/politics/politics-news/republicans-vote-repeal-cap-bank-overdraft-fees-1235304880/
The Senate voted 52-48 on Thursday in favor of a resolution from Senate Banking Committee Chairman Tim Scott (R-S.C.) to repeal the rule. Scott had the gall to say that removing the CFPB’s cap on overdraft fees would be “good for consumers” while arguing for the resolution on the Senate floor.
WINNING!!!
@my-king-and-i removed their quoted posthah!!
i wouldn't move to the US if you paid me extra. i don't have a civil war/civil unrest going on in my country. If i did i would have a dozen european countries i would move to first plus Canada plus Australia
do you think there are many who still believe the propaganda of US being the land of opportunity? there are some desperate, true, and i guess it's still better than risking execution from some dictatorship or gang war (which more often than not, the US is responsible for)
"I imagine he lives in a western world country and just likes to complain."
I do like to complain and it used to be fun when i just had to discuss right vs left or how insane having your healthcare is with sh76.
Now it's just fukin sad with you trumpettes. I am never sure if i am speaking to another dummy account, if the person i am speaking to is genuinely stupid or just pretending and the issues now are downright depressing.
I live indeed in Romania and i like it here. It's not perfect but i am never going to be shot like a dog by police or anyone else really, i don't have student loans to pay and if i did they would be manageable and if i get my wife pregnant i won't have to worry she will die because the american taliban makes religious decisions about a medical issue.
I know it's hard for you to grasp the notion that there are people who, gasp!, might not want to move to your paradise of a country. Just repeat to yourself that i must be lying and i am actually jealous of your FREEDOM
@my-king-and-i removed their quoted postThere are numerous ways to overdraft which don't happen because "idiot deserves it"
@moonbus saidYes, exactly.
I suppose this is just the tip of the iceberg of deregulation, as promised.
The last time the government went in for deregulation big time was during Reagan‘s presidency. Anyone here old enough to remember the savings and loan catastrophe? That cost American taxpayers a few billion dollars to put right again. Small change for Elon Musk of course.
Let's remember that it was massive deregulation of the banking industry that led to the stock market crash and the Great Depression six months later.