The Biden Admin Is Ending Junk Fees & Overdraft Charges
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- Опубліковано 17 вер 2024
- The Consumer Financial Protection Bureau is cracking down on junk fees and the companies that charge them. Junk fees can include bank, ticket, and gift card fees or service charges. Banks and financial institutions make a fortune from these fees, extracting about $15 billion in overdraft and non-sufficient fund fees a year by preying on the people who can least afford it. Rohit Chopra, the Director of the CFPB, is directing the agency to put that money back into people's pockets.
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I had the same thing happen to me with Bank of America about 10 years ago. I had about six small transactions (under $5) and forgot about a check that had been lingering out there. They covered the check and overdrafted the small transactions. The fees were about $250 on less than $25 in transactions. I called them and they said with glee “ well aren’t you happy we covered that check to avoid the bounce check fee?” The bounced check fee was $35. They acted nice and removed all the fees. The next day I moved to a credit union and closed my BOA account. Thieves
Yeah BOA are thieves. I tried to close my account there a few years ago because all the BOA's in the area were closing. I went in closed the account, paid the closing fee and left. Then I got a bill in the mail saying I was being charged fees for not keeping enough money in my account. So I went back, complained, closed the account again and had to pay the fees. Then I got another fucking letter saying I owed more for not having money in the account. Then I had to go back again and yell at them until they waived the fees and actually closed the account. Fuck banks!
Credit unions have become just as bad if not worse than banks from the overdraft fees part
Overdraft fees are a tax on the poor and working-class for not having enough money.
Banks give you an overdraft credit line that makes it impossible to accidentally overdraft if you have a high enough balance and long enough history.
No their not. The consumer MUST agree to them so nice the last regulations were put through.
Predatory lending, 29% is too high. Ok, then we can no longer provide finance options. Lending companies are penalizing the poor.
Take a step back. Open your eyes and wake the fuck up people.
Or you could just pay attention to how much money you have and how much you spend and not spend more than you have. It's a tax on the poor and irresponsible. You can choose to be poor and responsible.
@@grayisgoodwhy are you sucking up to banks? They don’t have to process overdraft charge. There’s a line between responsibility and predatory practices, I’m not going to instantly take blame off of banks.
Yes, it's expensive to be poor. As a business owner, I understand it. As a decent human being, I hate it.
@@grayisgood And people (many middle class) should be responsible with credit cards and not go into debt? The written agreement is that credit card holders are responsible to pay their credit card balance in full. Yet 10s of thousands every year claim bankruptcy or negotiate their debt down with financial assistance.
How about they just pay attention to running their life better to not fall back on credit cards or use their credit cards irresponsibly?
After all. They're the smart and educated middle class.
They can be middle class and responsible, right?
Being poor is still nearly a crime, yet businesses fight tooth and nail to keep from having to pay workers a decent wage. People higher up the working payscale are reminded by media constantly that "the poor are lazy" so they believe it until they fall on hard times and realize its just a smoke screen to keep poor people and working people with better pay from helping each other.
Honestly being "lazy" seems to be a myth of misunderstanding cause and effect on people. You'd be shocked how many "lazy" people were just in the wrong career, or needed simple medication treatment. ADHD or even depression for example is a big cause, if you can get medication and therapy it helps a lot.
If you're poor though, good luck getting the medications needed to treat these things.
Some times my bank will transfer money from my savings as overdraft protection even when I have a positive bank balance before the transfer, and then they charge me a fee for the transfer.
Wells Fargo if anyone is curious.
same thing just happened to me for the first time in 15 years (my checking balance was unusually low bc I'm actually in the process of closing my WF accounts). so absurd to be charged an overdraft fee just to auto-transfer money from another one of your accounts that has plenty of funds to cover the charge.
i did notice that you can turn the overdraft service off, but literally when I called them the call mysteriously "broke up" right as the banker was about to turn it off for me.
Edit: missing a word
Yep
YES! Bank of America did that to me a few years ago. I got charged an overdraft, then a fee for being in overdraft while getting charged another overdraft. They charged me 5 TIMES! I called them and asked them to charge me only for 1 fee, and the rep told me she could only take off 3 of them. I was part of the class action lawsuit. 😇
Over draft fees have almost killed me before
Glad you’re still with us, comrade! ✊❤️
They are killing me now.
Chase takes $6 from my checking account each month as a "maintenance fee" simply because it does not have a direct deposit set up. There is nothing to maintain. It is purely a money grab.
Why the Fuck is this not on every news station, everywhere. At All Hours.
The media is bought and paid for. Local news is nothing but commercial content, sports scores and daily murders. Local news organizations do not inform the public.
Get rid of the cheesy music, and tell us how the administration will get rid of the fees. You didn’t complete the story.
When the President has his daily press conferences, statements like these should be brought up on live television. If this EVERY HAPPENS I would definitely watch the news more often. But we all know that the press won't ask questions like these because he might just piss off his financial donors.TIME TO RESTRUCTURE POLITICS.
I'd love to think biden would do something about these fees, but helping Work ng people has never been Corporate Joe's strong suit
Helping working people has never been a priority or strong suit for ANY politician, at any level...don't just point fingers at 'Corporate Joe'.
And if you've been paying any kind of attention through the years at all, you should already know that Republicans are much, much worse.
So ironic that it’s the banks doin the robbing smh
👍
It's that old saying "give a man a gun and he'll rob a bank, give a man a bank and he'll rob the world".
I turned "over draft protection" off - the bank was allowing transactions to process when there's no balance & then charging my savings account a "fee" for the courtesy of it.
No thanks. No money, please decline the transaction.
Well, they didn't! Instead they charged my $30 for every attempt to make a transaction. Adding up to over $100... to buy nothing.
The sad part is at least from my understanding it started out by a man trying to help the poor. The idea was you could go over a tiny amount and be charged a very small fee compatible with taking out a bigger loan. Banks saw they could make a fortune if they could charge $30 fees. A lot of banks will take things out in such a way that they can charge too like if you have a deposit they will take out the withdrawals out first etc. I don't have a problem with small fees but their should be limits on how much and how many fees they can charge. I am on ssi/ssdi was in the hospital in 2017 and when i got back home i was behind $200+ every month. I had a good record before and now with my new bank of 4 almost 5 years i do again. They didn't care I had been in the hospital. I understand that they want a profit but this seems very predatory.
I am worry about many issues that we don't have control over our money and our HEALTH. Lately my specialist doctor charge me a $200. fee for not calling withing 24hrs and cancel an appointment. It seems even your local doctor office has gone WallStreet greed on your health. What are we going to do / or what are they doing to us. Its theft and robber they don't treat like they did before but they can charge us what ever they feel its appropriate to them.
Banks charge odp fees and nsf fees to the poor, but they also also charge monthly service fees as well. Something only the poor get charged, the rich either meet the requirements to avoid those fees outright, or they go to Branch Managers and get permanent fee waivers when they open accounts. So when you're getting charged that $10 or $15 call to get that waived cuz rich people don't get that assessed.
The banks give us basically next to nothing for ANY money in our accounts (regardless of the amount, and/or whether it's checking or savings) but then they lend our money out numerous times through fractional banking, and collect a huge amount of interest on those loans...all while charging us high percentage rates for loans, and $10 - $15 a month in monthly service fees, just to keep an account with them! It never used to be that way, and it REALLY irked me when I got laid off my job, and those monthly 'maintenance' fees kept eating up a portion of the very small amount I received from unemployment each month, while I looked for work! ...
And it's not only the banks that charge a lot of these bogus fees, but also the phone company and utilities like to do it too. These days, every company seems to want our money any way they can get it (even dishonestly) if they think they can get away with it. Also, they all want you to sign up and pay with auto bill pay, so they can directly access your account when THEY want to deduct the funds. But they don't care about your pay schedule, or if the funds won't be there for another day or so because of it, so best thing you can do is DON'T use those services, if you know their might be some issues at times. The biggest reason most people do it is simply 'because it's easier' ... but if you refuse to allow those companies access to your account, and simply make those payments yourself when the bill is due...then YOU control when the money leaves your account, if/when things get tight.
Corporate greed has run totally rampant with the banks and corporations, and something really needs to be done about it!
Another thing you can do is STOP going to the 'self check-out' at the stores, because that just takes away someone's job, too!
I want to take legal action
Im 60 yr old disabled on SSI i lost the love of my life of 30yrs to covid the loss triggered a heart problem i didnt know i had and went in for heart surgery during my stay i had family call BOK bank of Oklahoma to inform them of my situation they ignored every thing and didnt care about my loss or health and it hasnt stopped i had to go back in too the hospital unexpected due to stress and other things my over draft fees up to $100.00 and it grows every day so i hve to find a way to pay it i have gone with out food and getting my medication theres no help in sight the law suits were 11yrs ago they are back when making billions and paying million i guess its worth there risk and no one is standing up for seniors you can and get chastised
No politician will ever stop overdraft fees they make too much money from banks.
Once I made sure to deposit enough money to cover an Uber ride. Somehow, the bank rearranged my purchases so that I was charged a fee. I’m considering dealing in cash as much as possible
They take out what you've spent, charge overdraft fees, before adding in your deposits. It's not an accident.
Ticketmaster
Ticketbastard
I just found out about this NSF fee. $30 for a service, I did not receive. If I don't have the money, why not deny the transaction.
Great reporting! Hopefully, this will start to get regulated.
why do people keep using banks? It's the biggest con on the planet...besides centralized government
#BanPRIVATEbanking
Overdraft fees are a LOAN from the bank, to cover your purchase. So, calculate the annualized INTEREST rate of a $5.00 overdraft loan with a $35.00 "fee" for a week. 36,400% interest rate!!!!?
Bro stop posting these amazing videos. They're making me depressed, how do we ever fix these issues in our lifetime for them to have any immediate effect on our quality of life? 😥
Do not despair;
Organize!
Rome built in a day or shall I say unions.
Ebay is also charging junk fees
Seeing is believing. When?
Lip service?
I also think these overdraft fees should also be made illegal and wouldn't be great if we could do another occupied Force this to do another peaceful Revolution like they did back in 2011 like they did in Egypt and go after the banks this is getting ridiculous people are going broke people are not able to pay rent people are going into debt I think we need to do something like that
God bless the Biden administration for working to abolish these fees. The banks fees are killing my family budget.
Keep a checkbook register. Don’t spend money you don’t have. You will not get an overdraft fee.
Back in 2010 I got hit with about $500 in fees from Wells Fargo because my escrow account sent me a check and the lender went belly up before it cleared my bank and I spent it. That went into a spiral and ended up having to short sell my house.
Because the Cox suckers aren’t making enough money off of you. The market used to fair. I remember when I went into a bank with my parents and $100 I saved. I saw a thing about a CD and 5.5%…… never mind. I’m pretty sure that was for 5 years. We’ve been phucked many times. The final nail in the coffin was the crash of 87. I was born in 83 and I still have a few memories of it. It didn’t effect my family immediately, but it did.
Here's another thing with all this auto-pay and everything done electronically it causes so much trouble people I would also suggest a law that makes it mandatory to allow people to pay for things in person or through money order or check to do it the old-fashioned way I honestly think the old-fashioned way should be mandatory and a choice we should have more choices because everything done online causes overdrafts and stuff like this people get into trouble with the stuff
Use a credit union! More strictly regulated than banks, and the customers are the owners, so they're disincentivized from, well screwing themselves. Although management and staff can still be overpaid and I think that wouldn't be against the rules? But just look at most of them and you'll find they have less random "junk" fees. Some of them will spot you for out-of-network ATM fees, even! So you can end up paying a net negative amount of fees! Furthermore, you even get a tiny dividend every once in a while if the credit union ever becomes too profitable -- they redistribute that to the owners/members rather than just hoarding it or siphoning it off to the top. Their structure inherently keeps them accountable. And the main concept of it is: the members are the customers are the owners.
But yeah, way too many people still use one of the huge banks. Glad to think someone is at least taking note, even though I doubt the Biden administration will move quickly nor decisively on this issue. More like too slow and too late like everything else he does mostly. He is too trepidatious... Move fast and act boldly Dems! Strike while the iron's hot, 'cause it's gonna cool fast! Dems have way too hard a time holding onto power when the Repubs are this ruthless. We stand still, and find the pendulum swinging back with a vengeance. We need to get the lead out, and pull out the stops, and match the intensity of conservatives, but in the name of good policies for regular people! Let's define ourselves by our values, not by our ability to compromise with the "devil we know" our "good friends" the Republicans!!! You know, the ones who tried to overthrow the presidential election with a mob that stormed the capital?!!!! The ones who wouldn't know what an honest sentence was if it bit them in the behind??! Stop working for their aims by patronizing and humoring them, and get to work for regular actual Americans! Not these bought off con-men and Washington creatures and industry lobbyists and donors and... The big machine. Screw that noise. Do something for grandma, not the big banks.
Credit unions are doing the same thing now
My credit union just structured my outgoing payments so they could charge me three NSF fees instead of one. I was barely going to be able to cover groceries, now I'm negative $11. Thanks a lot Mountain America Credit Union.
Thieves, immoral thieves
I thought there was something wrong with me for having only $11 in my checking acct 4 days before payday. Every payday.
There's already a law that says you have to give the bank your permission to provide you credit and charge overdraft fees to use it. Ask your bank to remove that service. I have declined it on all of my accounts and my bank is not legally allowed to charge me any overdraft fees. Don't take my word for it, go look into it.
Next on GOP/FOX hit list.... consumer protection... pffft I don't need protection I'm invincible, I like football, high five chest bump!
Ive had $400, its very sad
Pay to pay is downright criminal
he didnt do such a thing
Sure have money to buy decorations
This video has nothing to do with Biden. Zero. Why are y'all are making your video titles political when they aren't, just to get people to click on them..?
I Subscribed to support unionizing workers, not this.
I'm now Unsubscribed...
How else would we pay for the next baby boomer tax cut !!!
Blockchain.
Abolish private banks! We don’t need them!
Once I had only $3 in my bank account and forgot about my balance and made a purchase for more than $3 and got hit with a overdraft fee. This wasn't my fault in anyway so that must mean my bank is evil.
She lives in a nicer house than mine. Maybe priorities? Keeping up with the Jones’s is a real thing.
Thank you Biden
Cryptocurrency is the answer. I only use the bank for emergency while getting 5-12% interests on cryptos
Bigger scam
#BanBitcoin
You’d do best to sell your snake oil elsewhere, huckster.
@@fuckfannyfiddlefart bruh, your username is pure genius. Respect ✊
I don’t agree with overdraft fees. But since the additional regulations. You must agree to over draft fees. Or your transaction declining. Most don’t want the embarrassment and agree to it.
This comes down to personal accountability. At what point should people adults be accountable for their actions??
CFPB helped me get my 5/3rd new account opening bonus that they promised but later denied. Said That I did not provide them with a promo code, which I did for sure. I wrote an email to CFPB and they forwarded my email to them 24 hours after that 5/3rd sent me an email with their hollow sleazy corporate apology and gave me the promotion bonus.
Wells Fargo pays out of my savings account for covering overdraft from checking and charges me $15.00 for that; and this has happened to me about 7 to 8 times.