Summary:
The Senate voted Thursday to strike down a rule capping most bank overdraft fees at $5, a measure adopted late last year by the Consumer Financial Protection Bureau that had been expected to save Americans billions of dollars per year.
Senator Josh Hawley, Republican of Missouri, was the lone Republican to oppose the resolution, which passed on a nearly party-line vote, 52-48. It will now move to the House, where Representative French Hill, the Arkansas Republican who leads the Financial Service Committee, introduced a parallel resolution last month.
The rule would have limited the fees banks and credit unions could charge when customers spend more than they have in their accounts, typically $35 per overdraft. The bureau estimated it would save American households $5 billion a year. It was immediately challenged in court by banking trade groups.
Personal opinon:
Call your bank and tell them to turn off overdraft protection now.
This is what a GOP congress looks like. If you call yourself a fiscal conservative, I’m tell you what. Go fuck yourself.
This?? THIS is what they spend their time on??
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
wHaT aBoUt tHe EgG pRiCezSZ!?!?
“Good point, we could be fucking you much harder”
-Republicans
Donvict’s regressive taxes enter the chat…
Eggs.
Eggs.
Eggs.
Monorail!
Monorail!
Monorail!
Monorail!
Nice to see the Senate hard at work on America’s most pressing problems.
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.
And yet people continue to bank with Wells Fargo.
Was the fine less than 1% of the profits?
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
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.
Really looking out for the little guy, huh?
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.
The Democrats tried REALLY Hard to let this Pass so Americans can SUFFER and then Vote for the Not Trump Party!
And this will hit the people hardest who voted for them.
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
Doing The People’s work.
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