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] 19 points 2 days ago

This?? THIS is what they spend their time on??

[–] [email protected] 49 points 2 days ago* (last edited 2 days ago)

This is what a GOP congress looks like. If you call yourself a fiscal conservative, I'm tell you what. Go fuck yourself.

[–] [email protected] 33 points 3 days ago (2 children)

It's important to understand that it is now the philosophy of the Sociopathic Oligarchs and their trans-national corporations, that every person should die penniless, with nothing to pass on to their children.

When people reach middle age, and a bit older, they start to need their health care more, which is tied to their jobs, which are harder to find as you get older. That makes older workers more reliant on those jobs, making them more manipulative, and more accepting of abuse.

The wealthy don't like the fact that many older workers get inhertitances from one side of their marriage or the other, or perhaps both, and then suddenly they have options, and dont need the safety of their company any more. They can afford to find a lower stress job, or start their own (possibly competing) business, or they might just retire.

None of that is good for the wealthy. They want workers who are good little wage slaves, fully dependent on sociopaths to support their families. So now the strategy is to impoverish as many as possible before their deaths, so they have nothing to pass on to their children, to give them easier lives as they age.

So keep the banks fees up, keep property insurance high, keep property taxes high, and most of all make health care wildly expensive, difficult to access, predatory and parasitic. We always hear about most bankruptcies being cause by medical bills, which is frightening to most people, but music to the Sociopathic Oligarchs' ears. Those are people who had money, and lost it all, including their children's inheritance.

Of course the other tendril of the strategy is to kill Social Security, Medicare, and Medicaid, so people will work literally until their deaths. Retirment is for the wealthy. The rest of us need to keep grinding.

[–] [email protected] 5 points 2 days ago

We need a general strike. Everyone needs to just stay home until we start seeing change

[–] [email protected] 12 points 3 days ago (1 children)

The solution?

Organize. Your. Fucking. Workplace.

[–] [email protected] 7 points 3 days ago (1 children)

Exactly. Unionize EVERYTHING!

[–] [email protected] 8 points 3 days ago (1 children)

Yep!

Organize your apartment buildings, into tenant unions!

Organize the block you live in.

Together we stand, divided we beg.

[–] [email protected] 12 points 3 days ago

Michael Cohen became HitlerPig's "Fixer" because there was a tenant's strike in the HitlerPig-owned building where Cohen lived, and Cohen volunteered to kill the strike from the inside. He succeeded, and HitlerPig hired him.

Beware of snakes in the grass. Nazis always have informants sniffing around.

[–] [email protected] 108 points 3 days ago (3 children)

wHaT aBoUt tHe EgG pRiCezSZ!?!?

[–] [email protected] 50 points 3 days ago* (last edited 3 days ago) (1 children)

"Good point, we could be fucking you much harder"

-Republicans

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[–] [email protected] 13 points 3 days ago

bOtH sIdEs R sAmE!

[–] [email protected] 6 points 3 days ago (1 children)
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[–] [email protected] 79 points 3 days ago (1 children)

Everyone who votes Republican deserves shit like this. But unfortunately we're all stuck with them, and they seem incapable of learning.

[–] [email protected] 8 points 3 days ago

Zeus forbid they learn something from....clutches pearls....liberals!

[–] [email protected] 52 points 3 days ago (14 children)

Republicans seemingly are free to fuck the poor and working citizen as hard as they want and they keep voting for more.

[–] [email protected] 17 points 3 days ago

They're either voting for it or staying home. Same difference. One would think people would eventually wake up but.... Seems no.

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[–] [email protected] 38 points 3 days ago

Nice to see the Senate hard at work on America's most pressing problems.

[–] [email protected] 46 points 3 days ago (2 children)

Surprised democrats actually held the line on this one. Are they learning?

[–] [email protected] 27 points 3 days ago (1 children)

No, Republicans definitely had this in the bag. Had there been a chance it wouldn't have gone through, at least a couple of them would have dissented and sided with the Republicans.

[–] [email protected] 5 points 3 days ago
[–] [email protected] 19 points 3 days ago* (last edited 3 days ago) (3 children)

Well we'll see what happens in the senate...

Edit: I didn't read words correctly. Guess that insurmountable filibuster thing really isn't worth a damn is it?

[–] [email protected] 22 points 3 days ago

Yeah, good point, they could've actually filibustered it and chose not to.

[–] [email protected] 16 points 3 days ago* (last edited 3 days ago) (1 children)

According to this non-paywalled coverage, there are times when the filibuster doesn't apply to repealing laws:

The 1996 CRA gives Congress a 60-day window to repeal federal regulations with a simple majority vote in each chamber and the president’s signature. The clock resets in a new session of Congress for rules finalized toward the end of the previous congressional session.

Republican lawmakers are also eyeing CRA measures to repeal the CFPB’s larger participant rule for digital payment companies and its ban on the use of medical debt in consumer credit reports.

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[–] [email protected] 12 points 3 days ago (7 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 3 days ago (3 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 3 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 2 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.)

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[–] [email protected] 2 points 2 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!

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[–] [email protected] 29 points 3 days ago (3 children)

It's really unfortunate. Most banks and credit unions turn on overdraft protection by default. And many of them make it difficult to turn it off (burying it in online app/site menus, requiring people to call in or go into a branch to deactivate it, etc.). They do this because overdraft fees are a massive source of profit for them.

But it's pretty easy for people to get trapped in a vicious cycle of debt due to these fees. Most people don't know they can turn these off, and some don't even realize they are in place to begin with.

[–] [email protected] 42 points 3 days ago* (last edited 3 days ago) (5 children)

Back in the day, Wells Fargo would intentionally run higher charges first in their cycle so that people couldn't skirt the edges of overdraft. Like, if someone made a $35 purchase, and three $1 purchases over the same two day period, they would immediately run the $35 purchase and then charge three overdraft fees for each of the $1 purchases instead of running the three $1 purchases first (even if they came first) and then charging a single overdraft fee when the $35 purchase hit.

I believe they got a fine for it.

[–] [email protected] 28 points 3 days ago (1 children)

I believe they got a fine for it.

They should be put up against a wall for it.

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[–] [email protected] 15 points 3 days ago

Reminds me of years ago when I had an account at BoA in college. Had two $20-ish charges when I had $30 in the account, and they tried to charge me TWO overdraft fees because $40 > $30. They kept going round and round that I had $40 in charges but only $30 in the bank, so they overdrafted. I kept repeating “which charge hit first?” I swear they danced around that for like 15 minutes, first that they couldn’t tell, then that they came in at the same time. Finally I said “okay, let’s say charge 1 was first. What was my balance then? Okay, let’s say charge 2 was first - what was my balance then?”

Took far longer to even get them to admit the mistake than it should’ve.

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[–] [email protected] 17 points 3 days ago

Makes me so fucking mad. Government is for the fucking people not the fucking corporations Jesus fucking christ

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

I went in person and my bank flat out doesn't allow you to turn it off.

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[–] [email protected] 15 points 3 days ago

Of course if we had actual democratic leadership they'd be running ads about everything costing more because of Trump and saying Republicans want them to go deeper in debt paying for groceries when they can't make ends meet.

[–] [email protected] 7 points 3 days ago

Line up sheeple, the fleecing is in progress

[–] [email protected] 17 points 3 days ago

Really looking out for the little guy, huh?

[–] [email protected] 12 points 3 days ago

And this will hit the people hardest who voted for them.

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