Lawmakers voted to invalidate a rule adopted last year by the Consumer Financial Protection Bureau. It now moves to the House.
    • Stovetop@lemmy.world
      16·
      3 days ago

      It punishes people poorer than me, who are only poor because they deserve it. Right? I mean, if I’m an evil oligarchic asshole, but God loves me enough to let me have all this money, they must be even more evil than I am.

    • Mog_fanatic@lemmy.world
      7·
      3 days ago

      I actually looked for this and the only thing I could find is some of them were saying that it would cause people to seek out less reputable and riskier banks because by not being able to charge people out the ass for overdraft fees the good banks would be forced to limit or eliminate overdraft protection.

      Others just said the law shouldn’t have been passed in the first place because it was passed using some rule that allowed it to pass with a simple majority and you couldn’t filibuster.

      I’ll let you decide what to make of that but it seems… less than sound reasoning.

      • Pronell@lemmy.world
        5·
        3 days ago

        Absolutely, mileage will vary, so do your research.

        Mine got me a mortgage when nobody else was lending. Got my wife the house she’d always wanted, her grandma’s place. I’d been a member for more than a decade by that point. The mortgage wasn’t even through them, they found us the lender, so they at best got a referral fee.

  • collapse_already@lemmy.mlEnglish
    13·
    3 days ago

    It would be amazing if the Senate inadvertently caused a run on the banks. What if every Wells Fargo customer said, fuck it, I am moving my money to a local CU this week? I would be so happy. Can’t wait for closing your account to be made a war crime. Move your shit while it’s legal!

    • silence7@slrpnk.netOP
      21·
      3 days ago

      That’s hard. Changing your bank means changing a whole string of direct deposits and automatic payments. Having done it, the process takes about a month, where you move payments and deposits, then monitor the account for a while to see if you missed anything.

      This makes banking relationships quite sticky.

      • MBech@feddit.dk
        2·
        3 days ago

        This is why they keep taking advantage of you. Because every time there’s a solution it’s: “Nhaa, I don’t wanna spend 5 minutes every day for a few weeks to make sure my payments are going through”.

  • thesohoriots@lemmy.worldEnglish
    13·
    3 days ago

    While they’re at it, the BofA $12/mo fee for having under $300 in your checking account at all times and $8/mo on your savings account should double until you learn your lesson for being so poor it gives Congress “the ick.”

    • orp@lemm.eeEnglish
      2·
      3 days ago

      I had an account with them right out of college. I was doing well for a few years then ran into income issues as a freelancer. They started charging me that BS fee and I closed my account within weeks. Never felt more taken advantage of, I had tens of thousands of dollars sitting in my account for a couple years, earning literal cents in interest and the first month it dropped below the limit they charged me.

      • theparadox@lemmy.worldEnglish
        1·
        3 days ago

        While I like the idea of credit unions, I opened a bank account with one for my first credit card - I was traveling overseas and it was recommended to have a card for that. I put $500 in a new savings account but the card arrived too late for my trip so I kind of let it sit and never really used the card or account. Checked back a year or two later and the account lost money due to an inactivity fee. Closed my accounts instantly. Shit like that really sticks with you and I’m still hesitant to try them again.

  • mechoman444@lemmy.world
    3·
    3 days ago

    When making a new account at any bank, credit union or otherwise I opt out/turn off any and all overdraft protection. If I don’t have enough money on my account the card just doesn’t go through.

    Also many large banks like Wells Fargo should have some sort of wallet account that can be opened along with a regular checking account that has limited function. Typically these kind of wallet accounts don’t have overdraft as a default.