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.

  • 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.