Limiting Bank Overdraft Fees

Wonder what percentage of today's adults could keep a balanced check book.

Debit cards are diabolical.

 

I still balance my checkbook but have to occasionally get a check register from the credit union since it’s been a long time since I’ve ordered checks

 

A few major banks out there have completely done away with overdraft fees already. They saw the writing on the wall and made the jump to firm up their consumer base. I agree the fees are predatory.

 

Validity of this issue aside (banks have abused this for years) does anyone else see the irony here.

The Biden Administration, who have brought on the vast majority of these trying economic times for people, want to “combat” something that brings unnecessary burden on the American consumer.

Sorry, but I would have to counter that the Biden Administration’s service to Americans is also an exploitation of Americans.

 

Never understood why they let you overdraft in the first place. Either the money is there or it isn't. It's not a credit card.

 

I charge everything except my mortgage and my electric bill pretty much to credit cards. So I have like 2 or 3 transactions a month on my checking account to pay those cards off. Kinda hard to overdraft. And I get all the cc benefits. I also have navy federal, so if I do they pull it from my savings account.
To the point though, yes the fees are insane. But at the same time, poor or not, keep track of your account. I think I made that mistake once in my early 20’s and never again. And every month I take it down to like 2 dollars (purposely so I don’t spend it, extras get put into savings and if I need anything I can pull from there).

 

Good move by the administration

 

Like I said I agree they’re insane. The one time I got charged a high one I left that bank and never went back.i was railing the assistant mgr about how I had had an account with them for 7 years or something. At that point, never been late on a CC bill, never overdrew, was low contact with direct deposit (which was new at the time), and a as a younger person where I banked for the next fifty years rode on how I felt treated.
She wouldn’t waive it and told me I was taking it personally. So, bye, same with my Wells CC. They jacked up my annual fee by like 90 percent. At the time it was like 1 percent of my total income they were asking for. Same thing, short sighted to alienate future big earners, I charge a lot a month now with almost no risk to them and Wells doesn’t see a dime of it.
/rant,
TLDR version, I agree .

 

What derp.

Unemployment is at a near all time low. Lower than under the Orange Baby.

Stock market at record highs, up 30% since Biden took over, and 20% over Trump's highest level.

Wages are up.

Inflation sucked, but was a world wide event. One in which the US fared much better than any other country. It has returned to normal levels, and many prices are now back to where they were pre-inflation.

Do yourself a favor, and find a new source of information. Your sources are lying to you.

 

Im looking for a new website to report out on my spending and saving. I used to use Mint which partnered with Quicken. They have sold out to Credit Karma and forced migration which is now just a bare bones site with 90% ads. Going to try Simplifi but havent really set up yet.

 

Years ago when we were young and starting a business, (maybe 2001ish?) I had this happen. Had like 8 small checks and one large one. They deposited the large one and hit me with hundreds in fees. Even though I had plenty in another account tied to it.

Local credit unions are much more user friendly.

That is my choice these days.

 

You’re right, everything’s perfect. You’re not hiding behind the inflation was a world event bullshit. It was a totally avoidable event. I love watching the economically illiterate cherry-pick data to to deny reality

 

No everything isn't perfect, but it isn't nearly as bad as you are making it out to be - and odds are deep down you know that.

Yeah, I'm cherry picking.

GDP up huge!

Stock market up nicely.

Energy production at record highs.

Wages up.

Unemployment at historic lows.

Those are the signs of a strong economy. Deal with it.

 

Stock market is factoring in six rate cuts this year. No one in the Fed is saying anything remotely close to that many or that soon.

Energy production is up but costs are up too.

Cost of living, even by government statistics is up double digits over Fed targets for inflation for the last three years. CPI 2021-2023 was up a 18.3 compounded. Wage and salary growth was no where near that.

Car prices new and used, same thing, and you’re going to pay 2.5X the interest rate from 3 years ago.

I have hundreds of hourly employees who can’t even afford to use their bullshit Obamacare high deductible health plans. They make $50K/year with a $3+K healthcare deductible. We used to be able provide them with a lower premium plan with max $600 out of pocket expense each year until we were told it was a Cadillac Plan.

But you go ahead and stay behind your keyboard and tv watching msnbc while telecommuting thinking all is well.

 

Should have paid attention to your bills instead of complaining about what “the system” did to you, you liberal commie fascist!

 

You must be SUPER rich since you know more than the stock market. Must be easy pickings for you.

Gas prices are back to pre-pandemic levels. Natural Gas prices are high because Putin started a war and we are now exporting

And inflation for the last year has been at 3%, a bit over desired, but not historically bad. Prices would likely be headed down, but corporations are loving the extra profits they are making (bonus tip - the real reason stock prices are so high) and are being slow to return to normal prices.

You sure about that? Used car prices have dropped 20+% since the Pandemic ended. New car prices have always been increasing.



While the Pandemic caused a chip shortage that caused a short-term blip, current prices seem to be online with the previous trend.

And as a sign of great leadership (not just angry tweets) Biden worked to pass bi-partisan legislation that is bringing in massive investments in chip manufacturing right here in good ol USA.

You have hundreds of hourly employees and you make them go get ACA plans? Wow... that is just sad.

 

As I said before, enjoy sitting behind your keyboard and telecommuting while watching msnbc. The country is marching to a different beat than what you are getting from them.

 

Keep lying to yourself.