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Biden: Wants to do something good for a lot of people
GOP: "Thats communism and evil and unamerican and unchristian and racist and the West is falling! Quick, do something before he helps the poor!"
Democrats: "This one thing doesn't go far enough at all! There is no way in good conscience I can support this man!"
Twitter users: I have no idea how government works but Biden didnt do everything i wanted so im not voting
It doesn’t go far enough. Over draft fees happen on a checking account. Banks know exactly how much is available.
Certain banks are also notorious for charging overdraft fees when there was literally no overdraft.
There's an explanation for at least one way they do that. Certain transactions end up being "pre-authorized" for a larger amount before they settle. Gas stations are a common place for this: you swipe the card when you first get to the pump, then you pump, and then you pay the bill based on how much you pump. When the card is swiped, a "hold" gets put on your account for a large amount, perhaps $150, and then the charge goes through for the actual amount you paid.
When you pay by credit card, this hold goes against your available credit, and since most people are nowhere near their limit this ends up not being that big a deal. However, when you pay by debit this hold "freezes" actual cash in your bank account, which then can't be used for anything else and can cause you to overdraft while there is still money in your account. Tnis "freeze" may not actually be listed on your account anywhere. What's even worse is that the hold can last for days, and you may not even realize it.
Allow an overdraft fee to exist, and banks will find ways to make them happen. Period. There's no need for paragraphs of explanation for a concept so brutally simple, that furthermore has been proven.
Hell, obama addressed their predatory practices in the consumer protection act (iirc the acts name).
Voter: "I don't see how Biden's any different"
It's a bandaid on a massive headwound...
Then sending you home while still concussed and bleeding everywhere.
Sure the band aid is better than nothing, but if people are having multiple overdrafts a month, then their real problem isn't how much an overdraft fee is.
Say someone has 4 a month, that's a lot, and I doubt many get that consistently.
Going from $33 to $3 saves 120/month.
It's not nothing, but that person is still negative on their bank account. Probably carrying a shit ton of credit card debt. Speaking of, doing something about interest on predatory lending (including credit cards) would be much more effective, but hurt the rich and banks even more
The main issue is a lot of people do to have enough to live.
This is a huge fucking problem and this will be a huge help. Don't let the perfect be the enemy of the good.
https://www.consumerfinance.gov/about-us/newsroom/cfpb-issues-report-showing-many-americans-are-surprised-by-overdraft-fees/
Helping poor people is always a good thing.
Ok but the other guys are the ones bashing my head in so
And someone who won't is better.
I'm not denying that.
But why would you pick someone to help you with zero medical knowledge just because he wont keep bashing?
Why wouldn't you want a doctor or even just a school nurse instead?