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Democrats: "This one thing doesn't go far enough at all! There is no way in good conscience I can support this man!"
It doesn’t go far enough. Over draft fees happen on a checking account. Banks know exactly how much is available.
Certain banks are also notorious for charging overdraft fees when there was literally no overdraft.
There's an explanation for at least one way they do that. Certain transactions end up being "pre-authorized" for a larger amount before they settle. Gas stations are a common place for this: you swipe the card when you first get to the pump, then you pump, and then you pay the bill based on how much you pump. When the card is swiped, a "hold" gets put on your account for a large amount, perhaps $150, and then the charge goes through for the actual amount you paid.
When you pay by credit card, this hold goes against your available credit, and since most people are nowhere near their limit this ends up not being that big a deal. However, when you pay by debit this hold "freezes" actual cash in your bank account, which then can't be used for anything else and can cause you to overdraft while there is still money in your account. Tnis "freeze" may not actually be listed on your account anywhere. What's even worse is that the hold can last for days, and you may not even realize it.
Allow an overdraft fee to exist, and banks will find ways to make them happen. Period. There's no need for paragraphs of explanation for a concept so brutally simple, that furthermore has been proven.
Hell, obama addressed their predatory practices in the consumer protection act (iirc the acts name).
Twitter users: I have no idea how government works but Biden didnt do everything i wanted so im not voting