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Biden Proposes Change in Overdraft Fees


Well, this is unusal.

Biden took time away from giving billons to Ukraine to ensure we only get charged $3 for overdrafts?

That doesn’t seem to fit the rest of his to-do list.

CBS reports:

The Biden administration is proposing a new rule that could limit bank overdraft fees to as little as $3.

The proposed regulation unveiled by the Consumer Financial Protection Bureau in tandem with the White House could potentially cut billions in dollars that large banks earn from bank customers overdrawing their accounts.

For too long, some banks have charged exorbitant overdraft fees — sometimes $30 or more — that often hit the most vulnerable Americans the hardest, all while banks pad their bottom lines,” President Biden said Wednesday in a statement. “Banks call it a service — I call it exploitation.”

Under the proposal, a bank would be allowed to charge consumers its actual cost to cover an overdrawn account, or conform to a set limit determined by the CFPB, effectively eliminating the $35 fees typically charged for an overdraft, according to the agency. Banks take in about $9 billion a year from the fees, according to the CFPB.

Independent Journalist and Host of “Conspiracy Truths” Mindy Robinson makes a good point…

Bill seems pretty excited about it lol. Nice flags, Bill.

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Now while I agree that banks are fleecing us left and right with numerous fees, my spider-sense is tingling on this one.
Reminds me of ‘Obama phones’.



 

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