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.

    • Chainweasel@lemmy.world
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      10 months ago

      So you’re ignoring the vote yesterday when 72/100 senators voted to continue supporting the war? How is that bypassing Congress when Congress approved it. And I assume you think Trump will do a better job? Well maybe you’ll get what you’re wishing for and we’ll end up in a Christian dictatorship. I’m sure that’ll be soooooooo much better than what we have now.

      • queermunist she/her@lemmy.ml
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        10 months ago

        That’s the bully pulpit in action; Democrats lining up behind their President.

        And I assume you think Trump will do a better job?

        I didn’t even mention anything about voting. We’re talking about whether you should love Biden.

        • Chainweasel@lemmy.world
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          10 months ago

          Unfortunately our choices are Biden and Trump.
          Biden is not perfect, but when compared to Trump I sure do love him. When compared to Obama or Carter? Not as much.
          But we don’t get a 3rd choice in America, we get to pick whether we like Biden or Trump more, and if you don’t like Biden enough to not vote for him, you better fucking love Trump.
          Is it fair that those are our choices? No.
          But life isn’t fair, so you better figure out which one you hate more.

          • queermunist she/her@lemmy.ml
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            10 months ago

            That’s irrelevant to the discussion! We were talking about why people don’t love Biden, not about voting.

            You don’t have to love Biden to vote for him, and as a corollary, you don’t have to love Trump to not vote for Biden. I completely understand people who hate Biden and still choose to vote for him. They don’t believe there’s another choice and I know why they think that way. I am not commenting on how people should vote.

            What I don’t understand are the freaks that love Biden. What the fuck?