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And those fees are usually egregious and do the most harm to low income people. Why can't these account refuse to go negative during withdraw or spend via debi
by throwaway2037 3y ago
And those fees are usually egregious and do the most harm to low income people. Why can't these account refuse to go negative during withdraw or spend via debit? It seems simple to me, but then banks could collect fewer fees. I weep for their profits.
- Amezarak 3y agoOverdraft "protection" was opt-out for several years, and is now opt-in. https://www.consumerfinance.gov/rules-policy/regulations/1005/17/ https://www.consumerfinance.gov/rules-policy/regulations/100... I have a lot of experience with low-income people and people not great with money (and the overlap between them). The problem is most want this feature. They would not want the transaction declined. They know they don't have any money.