The change could potentially eliminate billions of dollars in fee revenue for the nation’s biggest banks.

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.

    • queermunist she/her@lemmy.ml
      02·
      10 months ago

      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.

      • kent_eh@lemmy.caEnglish
        0·
        10 months ago

        When has any US president not been friendly towards Isreal, no matter what the IDF is doing?

          • kent_eh@lemmy.caEnglish
            0·
            10 months ago

            My point is voting for Trump to spite Biden isn’t going to improve the situation with Isreal and its neighbors. If anything it’ll make it even worse.

      • HubertManne@kbin.social
        0·
        10 months ago

        Well thats two different things and a very broad definition. I, for example, am american and pay my taxes. Im just as much a collaborator therefore unless I stop paying my taxes or supporting the US, no? Now granted I don’t want to support genocide but there are some rather severe consequences for me if I don’t pay my taxes. And is that enough. I mean we are talking genocide. Should I actively fight? That would involve violence on my part. Would I be slipping into being just as bad as the genociders? The idea of pinning the israeli things on him is a step to far for me.

        • queermunist she/her@lemmy.ml
          02·
          10 months ago

          Biden went around Congress to send more weapons to Israel. That’s quite a bit different than paying your taxes.

          • HubertManne@kbin.social
            0·
            10 months ago

            He did not go around congress he basically expedited the sales. This really goes back to 911. Many countries pushed back on us for iraq/afghanistan but still did the show of support. Heck they sent their own troops. He could have not done it but it would have repercussions outside of our relationship with Israel. All the same. We paid for the production of the weapons with our taxes. To me railing that biden is a genocide collaborator but then ignore the direct ways they support the genocide, like financially with taxes. Well its being a hypocrite. My support is fine because you know living my nice life is important but his support because of the complex decision making around global relationships in regards to responsibility of his position. Well thats not. Oh and lets ignore that its typical of what presidents and global leaders have done in these situations.