Joe Biden Plans To Slash Bank Overdraft Fees To As Little As $3
www.huffpost.com
“Banks call it a service,” the president said. “I call it exploitation.”

“Banks call it a service,” the president said. “I call it exploitation.”

The Biden administration unveiled a new rule Wednesday aimed at slashing bank overdraft fees to as low as $3, a move the president said would help end abusive practices by financial institutions.

Under the proposal, banks could continue to charge fees when a customer’s account falls below zero, but either at a price in line with the bank’s actual costs to administer the overdraft or at an established benchmark created by the new rule.

The Consumer Financial Protection Bureau (CFPB) proposed potential fees of $3, $6, $7 or $14 and is seeking feedback from banks and the public on what would be appropriate. Current overdraft fees often push $30 or more, taking a significant bite out of low-income accounts.

  • Wytch
    7•5 months ago

    Ok but the other guys are the ones bashing my head in so

    • @givesomefucks@lemmy.worldEnglish
      2•5 months ago

      And someone who won’t is better.

      I’m not denying that.

      But why would you pick someone to help you with zero medical knowledge just because he wont keep bashing?

      Why wouldn’t you want a doctor or even just a school nurse instead?