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>Among many other great crimes, U.S. banks have stolen hundreds of billions of dollars from the poorest people through overdraft and bounced check fees. I can
by navigatesol 7y ago
>Among many other great crimes, U.S. banks have stolen hundreds of billions of dollars from the poorest people through overdraft and bounced check fees.
I can agree with the fact that some of the bank fees for such services are ridiculous, but how is a customer using their overdraft or bouncing a check the bank's fault? How is it "stealing"?
- toomuchtodo 7y agoIn the case of overdraft fees, over 30 banks were ordering transactions in a punitive way, charging up to six overdraft fees per day, and not providing a way to decline charges when an overdraft (and related fee) would result. It also resulted in the Federal Reserve instituting overdraft protection regulations in 2010. It was predatory, plain and simple, and hundreds of millions of dollars in collective fines were paid. https://www.seattletimes.com/business/chase-reaches-settlement-to-pay-110-million-in-overdraft-fee-case/ https://www.seattletimes.com/business/chase-reaches-settleme...
- pault 7y agoOrdering transactions from large to small so you are hit with the maximum number of penalties. It can easily end up costing you many multiples more than ordering chronologically.
- xrd 7y agoDo a Google search for Wells Fargo and overdrafts.