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104

Joe Biden Plans To Slash Bank Overdraft Fees To As Little As $3 (www.huffpost.com)

submitted 10 months ago by Five@slrpnk.net to c/politics@beehaw.org

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[–] northendtrooper@lemmy.ca 18 points 10 months ago (5 children)

Should be expanded to identify any and all predatory fees and burn them at the stake. Feels like the FTC or Bureau of Consumer Protection should take this up as their top priority.

[–] zeluko@kbin.social 6 points 10 months ago

Well the USA is known to only tackle problems as they arise instead of before they could do damage.
Creates a freedom for companies to exploit and consumers often cant or wont sue them.

[–] lolcatnip@reddthat.com 6 points 10 months ago

You can't just tell banks not to abuse their customers! That's crazy talk!

[–] BraveSirZaphod@kbin.social 5 points 10 months ago (2 children)

Gonna take it you didn't read the article, because this literally is the Consumer Financial Protection Bureau:

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.

[–] miracleorange@beehaw.org 4 points 10 months ago

I think they were saying the CFPB should take up stopping all predatory fees as their top priority.

[–] BobGnarley@lemm.ee 1 points 10 months ago

Lol theyre gonna make it $14 and cut it just under half. It helps I guess but Its funny how theyre like $3 (or $14)

[–] Telorand@reddthat.com 5 points 10 months ago (1 children)

True, but before we go making a wishlist, let's remember that it's not even a possibility if Trump wins in November.

If anyone likes these systemic changes, mundane as they may be, remember that at the voting booth.

[–] t3rmit3@beehaw.org 2 points 10 months ago* (last edited 10 months ago) (1 children)

Just like all the unfulfilled AND unattempted promises from before the last election, it's always just another election away!

[–] Radiant_sir_radiant@beehaw.org 1 points 10 months ago

Almost makes populist Argentine president Javier Milei's "pack 300 of your ideas into a mega-decree that effectively becomes law with immediate effect until/unless parliament gets around to repealing parts of it with a 2/3 majority" strategy look like the more sensible approach.

[–] pearsaltchocolatebar@discuss.online 3 points 10 months ago

There's a lot of shit the FTC has been slipping on.