Led by Gumby, the U.S. Senate has officially voted to repeal the rule capping bank overdraft fees

[the cac mamba]

I truly cant think of one thing positive the gop does for the average person.

nothing. they pass tax cuts for the rich, appoint extremist judges, and that's it

 

[Phantum]

I've come around to that opinion. But what about adjusting for inflation? It can't just be $5 forever. The cost of business goes up yearly at minimum due to inflation.

Adjusting for inflation seems ridiculous to me.

 

[Ricky Fontaine]

On the surface I agree with this. $5 now and $5 5 years from now ain't the same. That $5 may not be adequate enough to cover the cost of business or maintain revenue.

What I think should happen instead is banks need to be clearer about fees with customers. Customers should also receive at least two free fee waivers on their accounts (I think most banks do this anyway). Customers need to be notified by phone and email that they are in danger of incurring a fee if whatever stipulations that causes the fees are violated before a fee is levied. Basically people just need to be informed.

There are no shortage of credit unions and online banks that do not have fees or have less fees than major banks that people can switch to.


Am I tripping about having this opinion or is it a valid one? I'm open to having my opinion changed on this.

Edit: Added slight opinon change below.


Last Edit:

Go back to Reddit, cac

 

[BaggerofTea]

It’s nothing positive about this at all. I’m a conservative and I’ll flat out say it. Trump sold out and he is clearly working for Miriam Adelson (Jewish mafia) and his wealthy donors. He’s a corrupt piece of shyt running a terrorist nation.

It took me a long time to come to this some of you arrived years ago. And I’m a literal republican. But now fukk that destroy all parties.

You don't know what conservatism or Republicanism.


You just hear liberals speaking up for women and gays and you want to be a Republicans.

Pure stupidity

 

[Pure Water]

Cry about bank revenues, brehs
Cry about banks making billions off of broke people, brehs

I'm a Capitalist. It has done me well in life. I grew up in project housing. And I've been able to put myself in positions to succeed at life thanks to it.

With that being said, I am not against government regulation. It has it's place. I've also come around to the fee cap being fine, I'm just wondering if it should be adjusted based on inflation.

 

[Pure Water]

Go back to Reddit, cac

Here you go, twin.

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[Pure Water]

Adjusting for inflation seems ridiculous to me.

But why? Essentially the cap will basically become a ban on fees as inflation rises. That of course would take decades, but eventually $5 won't be worth anything.

 

[Vandelay]

I've come around to that opinion. But what about adjusting for inflation? It can't just be $5 forever. The cost of business goes up yearly at minimum due to inflation.

It's not so much the cost, it's that algorithmically banks will recalibrate what transactions go through first. I used to get fukked all the time on overdrafts because they would put the most expensive transaction first and then apply a fee, and then on down. There were times I was threading the needle, but had enough money in my account, but then the overdrafts would be applied and suddenly I didn't have enough money.

I overdrafted like $800 when I was 24 or 25 for only off $350 before. I got destroyed on little $2-5 transactions and got hit with 9 or 10 NSF fees for $35 each. It's a predatory system.

 

[Phantum]

But why? Essentially the cap will basically become a ban on fees as inflation rises. That of course would take decades, but eventually $5 won't be worth anything.

It's barely worth anything now that's why they wanted to change it. Overdraft fees were a huge profit boost for most banks and it cost them nothing so I'm sure they missed it. They'll no doubt do much more shady shyt during Trump's term.

 

[feelosofer]

Yeah. Let's give the banks even more power. What could go wrong

 

[Pure Water]

It's not so much the cost, it's that algorithmically banks will recalibrate what transactions go through first. I used to get fukked all the time on overdrafts because they would put the most expensive transaction first and then apply a fee, and then on down. There were times I was threading the needle, but had enough money in my account, but then the overdrafts would be applied and suddenly I didn't have enough money.

I overdrafted like $800 when I was 24 or 25 for only off $350 before. I got destroyed on little $2-5 transactions and got hit with 9 or 10 NSF fees for $35 each. It's a predatory system.

Okay. Yes I agree with this. I will say what I proposed would address this, but I see why am continuing compounding on fees would be bad.

I do think there’s a difference in what I’m talking about though. I’m only talking specifically about account fees, not overdraft fees. The cost to keep your account is what I was getting at.

Overdraft fees are some heinous shyt and the card should be declined before allowing a large or multiple overdraft purchases to go through.

 

[feelosofer]

You're using their services. Of course they can charge a fee.

But this goes back to my point I made before. If you can't afford the fee, go into a branch or call them and see what accounts they offer that can help you avoid the fee, or move your money to a different bank. Even before the rule change, there were account that were free at credit unions and smaller regional banks. You're not forced to stay with the same bank forever.

The whole issue with your argument and the reason you are catching hell is that the banks are already extremely profitable. Overdraft fees as they currently are more than cover the cost of them doing business to say nothing of buying out homes and renting them for infinite revenje, and gambling (investing) with the fees that most banks already charge the average consumer. Banks on top of that are 'too big to fail' and can operate knowing that that government will always provide them a safety net worst case scenario and they will get the money with little to conditions that would protect the consumer from corporate malfeasance.

 

[Vandelay]

Okay. Yes I agree with this. I will say what I proposed would address this, but I see why am continuing compounding on fees would be bad.

I do think there’s a difference in what I’m talking about though. I’m only talking specifically about account fees, not overdraft fees. The cost to keep your account is what I was getting at.

Overdraft fees are some heinous shyt and the card should be declined before allowing a large or multiple overdraft purchases to go through.

There should be a daily max. I don't mind paying a fee if I overdraft. It's when they stack them that it gets over on the consumer.

 

[Pure Water]

It's barely worth anything now that's why they wanted to change it. Overdraft fees were a huge profit boost for most banks and it cost them nothing so I'm sure they missed it. They'll no doubt do much more shady shyt during Trump's term.

Yea, I’m sorry. I was not talking about overdraft fees. I was specifically talking about account fees. The cost to have your account open at the bank. I’m am not a fan of overdraft fees and I think a banks should decline the request before charging for an overdraft.

 

[Pure Water]

The whole issue with your argument and the reason you are catching hell is that the banks are already extremely profitable. Overdraft fees as they currently are more than cover the cost of them doing business to say nothing of buying out homes and renting them for infinite revenje, and gambling (investing) with the fees that most banks already charge the average consumer. Banks on top of that are 'too big to fail' and can operate knowing that that government will always provide them a safety net worst case scenario and they will get the money with little to conditions that would protect the consumer from corporate malfeasance.

Yea, my fault. I was not anywhere near clear enough in my OG post. I was talking specifically about the fee to have an account at the bank. Not overdraft fees. I could have deaded all this back and forth with being more clear. My b.