In the 90’s, consultants pitched the idea of overdraft fees and they’ve been causing Americans problems ever since. Here’s a look at the history of these fees and how they continue to screw people over in another edition of If You Don’t Know, Now You Know. #DailyShow #Comedy #IYDKNYK #TrevorNoah
oooonly in America ! =)))))))))
ReplyWells Fargo used to do that rearranging to me all the time
Replywhen i was younger and broke I did notice how banks would re-arrange items in a way that would maximize over drafts.. the bank lady told me that it was because it kicked in later and that is why but now I know I was not crazy.
And recently I had overdraft “protection turned off” and somehow it over drafted 10 dollars and it charged me 35 bucks. I told the lady at the bank that it was disabled and she said that I could not disable it and she would remove it this one time only for life..
Then during covid two of my credit cards sent me a letter saying that they would freeze payments for 2 months to help me . well being a tennis coach and out of work due to parks closing down I decided to give it a try. since I did have money but i did not want to wait till i ran dry. Well imagine my surprise when they jacked my interest rate to the maximum and reduced my credit limit to my current debt .. yeah thanks for the help Citi bank!
ReplyBanks are the reason most people are broke.
This is why I don’t deal with banks and only credit unions.
ReplyNo bank account for 7 years now. No phone service either wifi is everywhere
ReplyTrevor the banks are crooks that`s why they`re billionaires, always stealing from the needy.
ReplyAlly bank doesn’t charge overdraft fees
ReplyWow. I think Wells Fargo did that repositioning of debits. I know people that complained about that.
Replymy bank texts and push notifies my balance daily and it is ALWAYS a day off. Im convinced its to trick me into overdrafting
ReplyDon’t call people bit**es
ReplyThe most banks should charge is normal rate “interest” for the number of days the account was minus. Meaning when the bank honored a payment in spite of insufficient funds it essentially loaned the money until the account balance got back to positive. Banks should definitely not charge some arbitrary fee of $35.
ReplyI don’t get it, why would anyone use overdraft at all? Why not take a loan? Even a micro-loan, at 1% interest per day, would be much cheaper that this!
ReplyThese are the same institutions whose investment banking divisions collapsed the economy in 2008. And not a single executive member saw any jail time. They no doubt count on people not looking into that rearranging of transactions issue. I’m willing to bet if you get their executives in from of a panel, they would perform the standard two-step dance and say they are looking into resolving the issue because they didn’t know their bank software did this.
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Didn’t places used to just cut your card if you didn’t have sufficient funds?
Is it just me, or does this feel like a Last Week Tonight episode?
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