this post was submitted on 27 Mar 2025
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Summary:


The Senate voted Thursday to strike down a rule capping most bank overdraft fees at $5, a measure adopted late last year by the Consumer Financial Protection Bureau that had been expected to save Americans billions of dollars per year.

Senator Josh Hawley, Republican of Missouri, was the lone Republican to oppose the resolution, which passed on a nearly party-line vote, 52-48. It will now move to the House, where Representative French Hill, the Arkansas Republican who leads the Financial Service Committee, introduced a parallel resolution last month.

The rule would have limited the fees banks and credit unions could charge when customers spend more than they have in their accounts, typically $35 per overdraft. The bureau estimated it would save American households $5 billion a year. It was immediately challenged in court by banking trade groups.


Personal opinon:

Call your bank and tell them to turn off overdraft protection now.

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[–] [email protected] 12 points 4 days ago (4 children)

lol you can't turn off overdraft protection. I fucking tried. They wouldn't let me do it.

I am not using a major national bank, just a local/regional one from my hometown.

[–] [email protected] 14 points 4 days ago (2 children)

Find yourself a credit union. It will save you hundreds of dollars in fees, and they won''t have bullshit rules like this.

[–] [email protected] 4 points 4 days ago (1 children)

in my experience the credit unions I am eligible for are no better than commercial banks.

The best credit unions are highly restricted to a small population with a common association. They aren't made for the masses.

[–] [email protected] 3 points 4 days ago

This is why those of us with good credit unions need to be helping out those who dont by getting them membership. (I have done this for 3 people so far, and am encouraging others to do it as well. Someone do it for Critical Thinker specifically. no one deserves overdraft fees.)

[–] [email protected] 3 points 4 days ago (1 children)

I tried the local credit union, same shit different name.

[–] [email protected] 6 points 4 days ago

Sorry to hear that. Had amazing experience with mine - been using them for 20+ years - never paid a penny in fees, and they turned off OD protection for me when I opened the account. They even refund out of network ATM charges, and offer cashback rewards on my debit card.

You might have better luck with another union - there's usually more than one in the area depending on where you're located.

[–] [email protected] 2 points 4 days ago (1 children)

My bank let me! But then turned on some weird "margin" thing where if I overdraft, I just get charged 8% on a "loan"...which...is worse I think...and they didn't tell me. FUN!

[–] [email protected] 1 points 3 days ago* (last edited 3 days ago)

I get charged 10.5%. But it's per year and only for the time im in debt. So when I take $1000 more than I have, but pay it back the next say when the salary comes, the Fee will be pennies.

When I'm a year in debt of 1000, it will be a Fee of $105

Not USA though.

[–] [email protected] 3 points 4 days ago

Same here, I requested it to be turned off and they said no.

[–] [email protected] 3 points 4 days ago (1 children)

I dont think thats legal. They're opt-in. You have to call them to enable it by default, as required by law.

[–] [email protected] 1 points 4 days ago (1 children)

Legally you can't be forced to hand over your money, so just tell the armed robber, "no."

[–] [email protected] 1 points 4 days ago* (last edited 4 days ago) (1 children)

You can be forced by violence to hand over your money if you have a contract you signed that stipulates you need to pay them

My point is theaw prevents the default contract from allowing them to setup overdraft protection, unless you explicitly ask for it.

[–] [email protected] 1 points 4 days ago

My point is, what the law is doesn't matter if the law is not enforced. Good luck fighting a team of lawyers that make more in a minute than you do in a year.