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To give you a taste of the article, consider this choice quote: “If we cap overdraft fees, how will banks make up the lost revenue?”
TLDR If you limit overdraft fees, banks will stop letting people overdraft (maybe), causing them to use payday lenders (maybe)
The article also helpfully points out that the average overdraft fee is over $26 (wtf)
My overdraft fee is $30. Returns are also $30. Sometimes you can get hit by both for the same thing.
I understand that a person could watch their finances and help not have these, but sometimes you got to gamble on whether or not a purchase will come through before a paycheck. It’s not ideal.
Bring back the postal bank.
It’s paywall is blocked.
