The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest effort by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck.
The change could potentially eliminate billions of dollars in fee revenue for the nation’s biggest banks, which were gearing up for a battle even before Wednesday’s announcement. Exactly how much revenue depends on which version of the new regulation is adopted.
Banks charge a customer an overdraft fee if their bank account balance falls below zero. Overdraft started as a courtesy offered to some customers when paper checks used to take days to clear, but proliferated thanks to the growing popularity of debit cards.
I still don’t get how folks don’t love this president. All these things are great for typical folks like me.
Well the repubs stopped him from doing all the things that would have made him amazing, so he obviously totally sucks.
I would love to hear “listen Jack, we want to get stuff done but the Republicans are blocking everything we try to pass. Give me a strong majority in the house and senate and we will pass x, y, and z. If the supreme court blocks us, we’ll look at ways we can balance the court.”
I just want to hear a plan and what we need to do to make that plan happen. You need 60 senate votes to pass universal healthcare? Say “give me 60 senate votes and we’ll pass universal healthcare”
Because it’s all tiny changes that don’t effectively help people. No big structural changes cause the billionaires managed to put a stop to that with their agents in the Senate. And so the average citizen is left to blame the person they see as the cause of it all, cause he’s the big boss obviously.
Citation: gestures at everything
I would argue that the insulin thing was not tiny at all. Biden has been a good President.
yeah still. I have never had so many beneficial things come out of a presidential term in my life.
Trump got us “free cash” and virus test kits. Bush got us “free cash”.
Obama got us crappy healthcare. Which he stole from Republcain Mitt Romney cause Obamacare is literally Republicans dream healthcare system.
Nobody remembers the starting circumstances of the Democratic presidents brought in to clean up Republican messes.
From my interactions with co-workers, it can be that simple. And also the trans trans trans are coming to steal your kids and wife. Diabolical
The IRA is a big structural change that puts us on a path where we might actually escape global armageddon. It doesn’t get us there, but it puts us on the path and buys us just a little bit of time. And its entire philosophical approach builds constituencies massively, which means the longer it exists, the more it will go into a virtuous cycle. So long as Trump doesn’t get in next cycle and dismantle it from within, it will be incredibly sticky.
It’s almost certainly the most important bill passed in any of our lifetimes. Not just climate-wise, but legislation-wise. It’s very technical and kind of boring, which makes it not as exciting, but it’s still absolutely huge.
I don’t give a fuck if people hate Biden for whatever reasons they have. But at least this one piece of major progress, somehow passed through an uncontrolled congress, must not be denied. If we deny it, that’s probably it for our civilization. If we let the achievement be ignored, climate policy will probably be over and the ecosystem will be allowed to die. Any other issue is petty next to total collapse of the global climate and if passing this bill was ALL he could achieve – even ignoring some of the other stuff like filling departments with the most diverse crowd ever in American history – it would still have been a good term for a president. Better-liked presidents have achieved less.
Leading this with - I will vote, and I will vote for democrats if it’s what’s needed.
But the reason I view the (objectively good) things that he’s doing with a grain of salt is that it feels like he’s only doing them because of an impending election.
Why - when the democrats had control of all 3 branches of government in 2020 and 2021 did they not do anything that mattered?
They could have unpacked the courts by expanding them. They could have ensured abortion rights. They could have fixed the voting rights act (or implemented something that addresses gerrymandering, racial or otherwise). They could have overturned Medicare Part D. They could have fixed the compromises made when the ACA was written. They could have fixed the Citizens United decision. They could have amended the TCJA so that the tax cuts for the wealthy sunset alongside with the tax cuts for the poor (or even flipped it, so the tax cuts for the poor are made permanent, and the tax cuts for the wealthy sunset, unlike how it was written)!
They could have done so very, very much. But instead they wrung their hands about Manchin and Sinema, claiming that’s why they were a ‘do-nothing’ congress, and waited to lose the house so they could claim gridlock and return to merely being an alternative to republicans.
But even the core of that justification is dumb. They could have supported candidates prior to 2020 that weren’t just republicans running on the democrat ballot.
The issue I think people have with Biden is not that he himself is a bad guy (although he did contribute majorly to the prison-industrial system in the U.S., and championed preventing student loan discharge through bankruptcy when he was a senator).
It’s that he’s the figurehead of a political party that is more interested in gaming the system than they are in leading the people it is supposed to represent. The only real difference between democrats and republicans in that regard is that republicans deliver on their (often wildly unpopular) policies, and their base respects them for it, even if it means they will die homeless in a polluted gutter.
The Democratic Party, and by extension, Joe Biden, do not lead, and thusly do not earn respect. Their moves are only the smallest incremental moves, and that does not work at a time when the world and society is redefining itself several times within each generation.
Man. Sorry. My soapbox is tall today.
I totally get that and I do not like the situation, but when the choice is with or without lube im not going to forego the lube in protest of the situation.
I’m there, too. It’s just such a gross compromise.
The crux of the issue is probably structural. If you only get two choices and both are chasing the same sources of money in a system that heavily favors a very small set of investors, then, well… any effort to get votes by distinguishing themselves is ultimately performative.
In the end, we all wind up getting served shit sandwiches, but one party tells us they don’t want to feed them to us, and the other party has convinced their voters that shit sandwiches are delicious, or at least more offensive to ‘them’ than they are to ‘us.’
But he won’t stop a war between 2 countries that he isn’t in charge of so I can’t see myself voting for him /s
That’s the media fueling their usual bull. Bernie put up a vote on the issue and 72 out of 100 said ‘Yes’ to allowing Israel to keep their genocide going. It’s crazy
I don’t love him. I think he’s taking half measures mostly as an attempt to maintain an economic status quo while pushing for a little bit of social justice (as a treat). It’s a move in a positive direction… but mostly because it’s the best way to be in opposition of the other side.
I’ll still vote for him, because that’s the only two choices we’re given for the presidential election. I’ll still push for better, and vote more for who I think will actually make a difference at lower levels (state/local races), but I literally can’t vote for who I “love” because it just won’t make any difference.
Love doesn’t enter into the equation, sadly.
If this works, making overdraft fees $3 is fucking huge.
Some points, directly from the Consumer Financial Protection Bureau:
• Among households that frequently incurred overdraft/NSF fees, 81% reported difficulty paying a bill at least once in the past year.
• Among consumers in households charged an overdraft fee in the past year, 43% were surprised by their most recent account overdraft, 35% thought it was possible, and only 22% expected it. Consumers who overdraft infrequently are more likely to be surprised by a fee
• While just 10% of households with over $175,000 in income were charged an overdraft or an NSF fee in the previous year, the share is three times higher (34%) among households making less than $65,000.
This is actually a good example: the very concept of overdraft fees is obviously a tax on poverty that should be made illegal as soon as possible.
Instead, Biden (who’s been known to lie a lot even by politician standards) wants to lower them. In a year. If he’s re-elected.
Even his aspirational campaign promises are a compromise between the obvious only just course of action and retaining the status quo that enriches his owner donors.
Well there has already been things like this that are done in his current term like no surprise billing and capping student loan amounts to the initial principle. I like that he keeps putting out new things rather than waiting for after the election. We have had to much of this, oh its an election year so lets hold off on things which then take time to get going. At least if he does get re-elected it can go into place quickly rather than starting at square one.
It’s weird to have parasocial relationships with politicians, it’s how fascists get elected. Always hold them accountable.
neither do i. I would not be surprised if there is not high agreement on that with folks.
Well, you said you don’t get why people don’t love this president. That’s an obvious reason.
I don’t love that he’s a genocide collaborator. That’s why his Democratic support is so low.
I wouldn’t love living under a dictatorship. Sorry to put my own needs and my family’s needs first.
Ah yes, I forgot Biden is personally committing genocide in a country he’s not president of.
Ah right, good ole “I didn’t get my hands dirty, therefore I’m not culpable”
He is playing defense for the current Israeli regime, helping keep it propped up not just through aid and arms, but through diplomatic pressures as well. He’s not solely responsible for Netenyahu and his cronies actions… but that doesn’t mean his hands are completely clean, either.
