The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest move by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck.

The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest effort by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck.

The change could potentially eliminate billions of dollars in fee revenue for the nation’s biggest banks, which were gearing up for a battle even before Wednesday’s announcement. Exactly how much revenue depends on which version of the new regulation is adopted.

Banks charge a customer an overdraft fee if their bank account balance falls below zero. Overdraft started as a courtesy offered to some customers when paper checks used to take days to clear, but proliferated thanks to the growing popularity of debit cards.

    • WetBeardHairs@lemmy.ml
      10·
      9 months ago

      … did you even look at that link? I’d say 25% kept, 5% compromise, 1% broken, and the rest stalled or in the works is pretty damn acceptable. But I guess you won’t be happy unless he personally gives you a puppy and a blowjob.

      • thesmokingman@programming.dev
        41·
        9 months ago

        Right now there is absolutely no news because this is nothing more than a proposal. It’s not bad news because the proposal is great for most folks. It’s not good news because, just like every other time the hype train starts for any kind of financial reform, it still has to make it out and remain unchallenged long enough to actually affect lives. It’s just another news cycle talking about shit we have no control over (unless you’re in the high 7 digits or more; I’m not).

        Think before you attack someone.

        • wildginger@lemmy.myserv.one
          14·
          9 months ago

          Having this proposal be brought at all is good news, full stop, because now its on the table as a thing politicians can push for to gain support. Being brought at all means even if it fails, it can be brought again with more political support after seeing the public reception.

          Think before you fluster to blame biden for foundless bullshit.

          • thesmokingman@programming.dev
            41·
            9 months ago

            Whoah there bud, you’re lumping me into some groups I’m not a part of. Your standard of “if it gets brought up that’s great because it can come back stronger” is not a good one. By that logic, you’re either really stoked that women will have zero autonomy or you’re on so many antidepressants and anti anxiety meds you shouldn’t be operating any machinery. The news cycle exists for coverage, positive or negative. Biden’s team, just like every other high-level politician, takes advantage of that It’s being manipulated. If the last eight years haven’t taught you how that works, maybe this comment will. Either way, idgaf. You’ve got me pegged as something I’m not and your immediate response is ad hominem so you’re not worth my time.

            • wildginger@lemmy.myserv.one
              14·
              9 months ago

              “Its bad this is a proposal because uuh… Uuuh… Uummm, maybe it doesnt happen!”

              Ok bud, you keep banging that drum. Im sure you will get the beat eventually. Because “it exists so it will happen” is totally what I said, and not “it exists so politicians will see the massive public support and know they will get votes supporting it.”

              Because the death of roe vs wade definitely was well loved and supported by the masses.

              You lumped yourself just fine, I didnt need to do any of that for you.