It requires a modicum of general intelligence and financial management ability.
“Spend money you don’r have! It’s ok, we’ll just charge you a little bit!”
These people are raising children.
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Eating out 6 times a week. Go look in the driveway.
“I can put a li’l sumpin’ on it!”
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No, I have been affected by unexpected fees, but I didn’t expect the government to fix it for me.
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Yes, being poor is hard. If I was living paycheck to paycheck, I would make sure my account had overdraft protection.
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Have you experienced it yourself?
How so? That older Americans are maybe more responsible with their bank accounts?
I’m 72 and never bounced a check. I get it though these days folks are living on a razor thin margin with their budgets and finances. Sometimes direct deposits don’t clear before the debits do. And as mentioned by another commenter, the banks offer free overdraft protection if corrected timely.
This bravado by J’Biden is pandering for votes in my opinion. Young ‘uns are irresponsible with finances. It’s the same bull ■■■■ with student debt forgiveness. But in all fairness they’ve been conditioned to believe not repaying obligations is acceptable and someone else fault.
FJB
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Yes you can switch the service provider. The problems arise when you first get hit. You should not be hit with the fees to begin with because the terms of services changed and you were notified once as part of a junk mail letter.
A modicum of Financial management ability does not prevent random fees. The ability helps you switch banks and shop smarter after you learn but it doesn’t stop you from getting hit the first time by a different service provider with barely any notice
My favorite one will always be td bank which would go the following
You charge an amount to your debit card that is within your ablande then deposit you then charge again because you already deposited. Both deposits and charges take time from pending to processed but td bank would stack the charges first and then deposit. Resulting in fees. Not only was it one fee it was multiple fees since each transaction would hit you with a 35 dollar fee No modicum is going to stop that. Getting hit with fines and class actions will.
I can say that I haven’t ever been assessed a surprise fee. For any account I have, I know what triggers fees, and I act to prevent them.
And here’s another thing. I have been assessed fees from time to time. I was aware I would. It’s rare, but it happens. And when it does, I always call the 800- customer service number and ask to have the fee waived. Usually they look to see if they had previously waived a fee in the past. (Sometimes 12 months back. Sometimes as much as 5 years.) If no previous waivers, they usually waive the fee.
The secret phrasing to make that work is to ask for a “courtesy waiver of the fee”.
No government nannying needed. Watch out for yourself. Minimize the occurrence of events that trigger fees. Stand up for yourself if you are assessed a fee.
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That is completely rational and logical. And yes sometimes the fees were waived
However there are predatory actions that have been taken on by banks that effect consumers like
The one i described in my post to @WuWei Until they got hit they just kept going.
How soon these conservatives forget
“Illegally charged surprise overdraft fees: For years, Wells Fargo unfairly charged surprise overdraft fees - fees charged even though consumers had enough money in their account to cover the transaction at the time the bank authorized it - on debit card transactions and ATM withdrawals. As early as 2015, the CFPB, as well as other federal regulators, including the Federal Reserve, began cautioning financial institutions against this practice, known as authorized positive fees.“
Conservatives would have you believe that the government should not have stepped in to sue them because “Customers would not have been impacted if they just had some financial responsibility”
Not being able to pay all your bills is not a matter of “mistake”. It’s a matter of decision. Of choice.
Don’t incur what you cannot pay.
And if you need more money, make more money. Every fast food restaurant has help wanted signs up. Work an extra 8 or 10 hours per week to pay off whatever has you in the hole financially.
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Extremely common with credit unions. And even biggie banks like Wells Fargo do it.
Not the poverty that many people experience, I’ve always had a job. But I was certainly living paycheck to paycheck during college and in my 20s, and the few overdraft charges I incurred were painful.
Yes because they were forced to do by lawsuits and government regs. They didnt voluntarily do this.
That’s when I would complain, talk to a manager, and change banks if I had to.
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Right we got to the same page. It’s what happens before the switch that hurts and it was not reasonable for many years. It’s better now
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I feel like this is a common response for conservatives but what I find interesting is that this is rarely the comment that conservatives give when it comes to hourly workers that are adversely impacted by inflation.
So even MORE government nannying is unnecessary.
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I can def agree there. But such is the nature of the beast of bureaucracy.
