Banks Approve of Republicans Increasing Bank Fees

[Moral]

I get that, but why? I was pointing out that overdraft protection is a service that can help poors avoid returned checks or NSF fees.

Not all banks offer overdraft protection. Not all banks are free to have an account at. Not all banks will accept poor people. Until the CFPB stepped in banks were rearranging overdrafts so they could charge as many overdrafts as possible. A poor person that gets hit with several overdrafts will go into financial hardship. If they can't manage to make up potentially hundreds of dollars of fees they will have to leave banking and go to check cashing services which charge a fee. To be able to use money viably in 2025 they will also like have to add that cash into a prepaid debit and incur more fees such as setup and transaction fees.

Get your devil's advocate shit out of here
We have enough of those posters already.

 

[5545]

Not all banks offer overdraft protection. Not all banks are free to have an account at. Not all banks will accept poor people. Until the CFPB stepped in banks were rearranging overdrafts so they could charge as many overdrafts as possible. A poor person that gets hit with several overdrafts will go into financial hardship. If they can't manage to make up potentially hundreds of dollars of fees they will have to leave banking and go to check cashing services which charge a fee. To be able to use money viably in 2025 they will also like have to add that cash into a prepaid debit and incur more fees such as setup and transaction fees.

Get your devil's advocate shit out of here
We have enough of those posters already.

I appreciate the explanation.