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Senate Overturns Rule Limiting Bank Overdraft Fees to $5
(www.nytimes.com)
wHaT aBoUt tHe EgG pRiCezSZ!?!?
"Good point, we could be fucking you much harder"
-Republicans
Donvict's regressive taxes enter the chat....
bOtH sIdEs R sAmE!
Everyone who votes Republican deserves shit like this. But unfortunately we're all stuck with them, and they seem incapable of learning.
Zeus forbid they learn something from....clutches pearls....liberals!
Surprised democrats actually held the line on this one. Are they learning?
No, Republicans definitely had this in the bag. Had there been a chance it wouldn't have gone through, at least a couple of them would have dissented and sided with the Republicans.
Well we'll see what happens in the senate...
Edit: I didn't read words correctly. Guess that insurmountable filibuster thing really isn't worth a damn is it?
Yeah, good point, they could've actually filibustered it and chose not to.
According to this non-paywalled coverage, there are times when the filibuster doesn't apply to repealing laws:
The 1996 CRA gives Congress a 60-day window to repeal federal regulations with a simple majority vote in each chamber and the president’s signature. The clock resets in a new session of Congress for rules finalized toward the end of the previous congressional session.
Republican lawmakers are also eyeing CRA measures to repeal the CFPB’s larger participant rule for digital payment companies and its ban on the use of medical debt in consumer credit reports.
Funny how all the carveouts for the filibuster rules are all for stuff the Republicans care about: budget, appointments and apparently this regulation exception.
The filibuster serves its only purpose: preventing progressive legislation.
Nice to see the Senate hard at work on America's most pressing problems.
It's important to understand that it is now the philosophy of the Sociopathic Oligarchs and their trans-national corporations, that every person should die penniless, with nothing to pass on to their children.
When people reach middle age, and a bit older, they start to need their health care more, which is tied to their jobs, which are harder to find as you get older. That makes older workers more reliant on those jobs, making them more manipulative, and more accepting of abuse.
The wealthy don't like the fact that many older workers get inhertitances from one side of their marriage or the other, or perhaps both, and then suddenly they have options, and dont need the safety of their company any more. They can afford to find a lower stress job, or start their own (possibly competing) business, or they might just retire.
None of that is good for the wealthy. They want workers who are good little wage slaves, fully dependent on sociopaths to support their families. So now the strategy is to impoverish as many as possible before their deaths, so they have nothing to pass on to their children, to give them easier lives as they age.
So keep the banks fees up, keep property insurance high, keep property taxes high, and most of all make health care wildly expensive, difficult to access, predatory and parasitic. We always hear about most bankruptcies being cause by medical bills, which is frightening to most people, but music to the Sociopathic Oligarchs' ears. Those are people who had money, and lost it all, including their children's inheritance.
Of course the other tendril of the strategy is to kill Social Security, Medicare, and Medicaid, so people will work literally until their deaths. Retirment is for the wealthy. The rest of us need to keep grinding.
We need a general strike. Everyone needs to just stay home until we start seeing change
It's really unfortunate. Most banks and credit unions turn on overdraft protection by default. And many of them make it difficult to turn it off (burying it in online app/site menus, requiring people to call in or go into a branch to deactivate it, etc.). They do this because overdraft fees are a massive source of profit for them.
But it's pretty easy for people to get trapped in a vicious cycle of debt due to these fees. Most people don't know they can turn these off, and some don't even realize they are in place to begin with.
Back in the day, Wells Fargo would intentionally run higher charges first in their cycle so that people couldn't skirt the edges of overdraft. Like, if someone made a $35 purchase, and three $1 purchases over the same two day period, they would immediately run the $35 purchase and then charge three overdraft fees for each of the $1 purchases instead of running the three $1 purchases first (even if they came first) and then charging a single overdraft fee when the $35 purchase hit.
I believe they got a fine for it.
Reminds me of years ago when I had an account at BoA in college. Had two $20-ish charges when I had $30 in the account, and they tried to charge me TWO overdraft fees because $40 > $30. They kept going round and round that I had $40 in charges but only $30 in the bank, so they overdrafted. I kept repeating “which charge hit first?” I swear they danced around that for like 15 minutes, first that they couldn’t tell, then that they came in at the same time. Finally I said “okay, let’s say charge 1 was first. What was my balance then? Okay, let’s say charge 2 was first - what was my balance then?”
Took far longer to even get them to admit the mistake than it should’ve.
And yet people continue to bank with Wells Fargo.
I never pass on the opportunity to say fuck Wells Fargo.
Thus, fuck Wells Fargo.
Furthermore, to echo a comment further down, up against the wall with those shitcunts.
Makes me so fucking mad. Government is for the fucking people not the fucking corporations Jesus fucking christ
I went in person and my bank flat out doesn't allow you to turn it off.
Damn, that's crazy.
Sounds like it's time to find a new bank.
Edit: Although with these changes I wouldn't be surprised if as bunch of banks start preventing people from turning it off. Credit unions might be a bit better though.
This?? THIS is what they spend their time on??
Really looking out for the little guy, huh?
Of course if we had actual democratic leadership they'd be running ads about everything costing more because of Trump and saying Republicans want them to go deeper in debt paying for groceries when they can't make ends meet.
lol you can't turn off overdraft protection. I fucking tried. They wouldn't let me do it.
I am not using a major national bank, just a local/regional one from my hometown.
Find yourself a credit union. It will save you hundreds of dollars in fees, and they won''t have bullshit rules like this.
in my experience the credit unions I am eligible for are no better than commercial banks.
The best credit unions are highly restricted to a small population with a common association. They aren't made for the masses.
This is why those of us with good credit unions need to be helping out those who dont by getting them membership. (I have done this for 3 people so far, and am encouraging others to do it as well. Someone do it for Critical Thinker specifically. no one deserves overdraft fees.)
I tried the local credit union, same shit different name.
Sorry to hear that. Had amazing experience with mine - been using them for 20+ years - never paid a penny in fees, and they turned off OD protection for me when I opened the account. They even refund out of network ATM charges, and offer cashback rewards on my debit card.
You might have better luck with another union - there's usually more than one in the area depending on where you're located.
Same here, I requested it to be turned off and they said no.
I dont think thats legal. They're opt-in. You have to call them to enable it by default, as required by law.
Legally you can't be forced to hand over your money, so just tell the armed robber, "no."
You can be forced by violence to hand over your money if you have a contract you signed that stipulates you need to pay them
My point is theaw prevents the default contract from allowing them to setup overdraft protection, unless you explicitly ask for it.
My point is, what the law is doesn't matter if the law is not enforced. Good luck fighting a team of lawyers that make more in a minute than you do in a year.
My bank let me! But then turned on some weird "margin" thing where if I overdraft, I just get charged 8% on a "loan"...which...is worse I think...and they didn't tell me. FUN!
I get charged 10.5%. But it's per year and only for the time im in debt. So when I take $1000 more than I have, but pay it back the next say when the salary comes, the Fee will be pennies.
When I'm a year in debt of 1000, it will be a Fee of $105
Not USA though.
And this will hit the people hardest who voted for them.
For years my bank had overdraft off by default. At some point, in one of their ToS or User Agreement updates, they turned overdraft on for everyone and you had to go in to turn it off.
Line up sheeple, the fleecing is in progress
The senate has not overturned the rule; they've voted to overturn the rule. The rule is not overturned until this passes both halves of congress and the president. Sick of headlines lying about this shit
That's it. They want to kill us
Are they still forced to be opt-in, at least?
this post was submitted on 27 Mar 2025
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