In Capitalist America , banks steal from you
By - Active-Ad-233
Banking is a perfect industry to nationalize without even necessarily initially seizing assets from private companies. Private megabanks are literally so shit all you need to do is provide bog standard basic services and within a couple of years or maybe even months customers will flee them in droves for the public option. Free market blah blah blah make the capitalist pigs happy.
Ah you see you think they’d appreciate the “free market” mindset but they actually only like the free market when it is benefiting them and not the average person.
^(something something wallstreetbets robinhood)
Something something 160 bucks down the crapper
Fr, we should just bring back USPS banking services.
1. gives basic money transfer and savings services to Americans
2. they already have a branch in every US city
3. could help alleviate the USPS' money problems (tho, we'd still need reforms to how they pay pensions imo) by expanding their business
First get rid of DeJoy and ensure no future shitheads like him come into play before we hand someone like him the reins of this thing
The fact that he is still in the position of Postmaster General sickens me.
This is becoming a more popular idea on both sides (it’s surprising how often GOP voters agree with me up until they find out I’m not one).
USPS banking is a great idea, helps rural and native communities, already branches literally everywhere, it just makes sense. We don’t have to abolish free-market banking, but this as an offering is great for everyone.
Too bad the banking lobbyists will never allow our representatives to do that.
They still sell money orders, don’t they?
They do but there are cheaper options elsewhere.
Cheaper than a dollar fifty for a basic check? Nope.
Western Union does it for a dollar at my local supermarket
Up to $1000 or just $500 like 7/11?
USPS pension reform?
[apparently it was retiree health benefits not pensions](https://www.politifact.com/factchecks/2020/apr/15/afl-cio/widespread-facebook-post-blames-2006-law-us-postal/). basically, a 2006 law that requires them to pre-fund their retiree benefits, contributing to their funding problem
USPS internet service provider too. plz thx
Same with health insurance, this is why Joe "*M4A is too radical we'll do a public option instead"* Biden won't even do the public option. Because if it's set up even half competently and leverages the federal governments bargaining power, people will be leaving their private insurance in droves.
No instead the democrats will probably just waffle around pretending they want a public option, but give massive subsidies to private insurers.
And lose because they are held to performance standards while Republicans just know any Democrat can't be in power.
And the rich win...again.
His campaign site literally lists a stronger public option as one of the first things on his approach to medical care.
It's been months where's the public option or any viable method to produce one? They can't get anything done in the Senate through normal operations, and they' don't seem to have any desire to actually get things done through budget reconciliation.
They are very clearly **not** fighting for a public option, and I will eat my hat if we ever see one under a Biden administration.
Last I heard was a few months ago where there was a team being formed and doing their research/setup. Idk about you, but these things don’t normally happen instantly and unilaterally. You can’t genuinely be mad that not everything is done instantly and exactly when you want it. Ik that Bernie is the chairman of the subcommittee of health and that they’re still cleaning house though. Kind of the same issue with Dejoy being in power still, but he’s not easily ridden of.
Don't forget we need to nationalize tax returns, we have the basic resources and costs little to no money, yet turbo tax and friends have lobbied the shit outta that to keep the government from using the reasources they already have to make it all free
Like for these other public options, yeah we gotta do a *slight* bit of work but for this one WE HAVE EVERYTHING WE NEED but I guess congress needs some pay checks
It's why I think some services like banking or healthcare shouldn't be "banned" from private business. Instead, the state should provide a public, free alternative of high quality. They are so basic and so easy to improve that people will just migrate to the public alternatives, and the private ones will need to either close or reform greatly without any need of direct state intervention.
Since taxpayers end up having to subsidize the industry anyway.
Isn’t that what Switzerland already does?
Since the taxpayer is already bailing out the investors and taking all the risk for them, it's only logical that the taxpayer reap the usual reward for that investment instead of those investors.
Similar to my mindset of:
> If it's too big to fail, it's to big to be privately owned and operated.
Or at least it should be split up.
Too big to fail should be a sign to some... but I guess for that some, that means "shovel more money to them so they don't fail".
They may be too big to fail, but nothing is too big to bail (out)!
One time, when I was in college poverty, I ended the month with something like $10 in my bank account. If you didn't have a minimum of like $500 in your checking account, they'd charge you a $15 fee to keep the account open. So they charged me the $15 dollars and then charged me an overdraft fee of $35. So now I'm believing that I have $10 when I actually have -$40. I put $5 of gas into my car so I could get to school and work which, of course, resulted in another $35 overdraft fee.
So my broke ass went from having $10 to having -$75 because fuck you if you're poor.
Being poor is fucking expensive my man
You could have taken a payday loan to cover the -$75. I’m kidding, of course, but you can see how it snowballs - as it started to with you…
Like how the bank always manages to overdraft the large withdrawal first so it can overdraft you on the next 4 that were $2 over each. However had they pulled the money put in order the 4 each $2 orders would have went through and you'd have only overdrafted once in the large withdrawal.
It's the difference between $35 in overdraft and $140 overdraft fees.
Thankfully there are banks that don’t operate like that necessarily.
Nationalizing the entire banking industry may not be wise considering today's political environment. Also, the Federal Reserve and the department of Treasury are the nationalized foundation of our banking system, so except for the retail layer, it is nationalized.
Contact your elected officials and remind them that your will only vote for them if they enforce usury laws and support consumer protections. Overdraft fees are really loans at exorbitant interest rates and should be considered a criminal violation of usury laws (more than 20% annual interest).
If you are living paycheck to paycheck, a credit union might be a far better choice as they don't generally have predatory profit policies.
Sadly the loophole for banks is easy and already in common use: rather than an “overdraft” fee, your check bounces and they charge you an “NSF” fee, so it’s not even arguably a loan because all the bank did was take money you demonstrably didn’t have.
Those are the dumbest fees you can get. It takes half a second for a computer to automatically reject a check so realistically it cost the bank a hundredth of a penny yet they'll charge you $20 for the privilege
The part about not voting for them is gonna be hard to act on when the alternative to “Semi-right Democrat” is “Conspiracy spouting, racism vomiting, human rights destroying Republican”
And that can't be fixed until corporate media is dismantled so people stop getting convinced to vote against their interests, which can't be fixed until the corporate political establishment is dismantled so we can fix the laws, which can't be fixed until Corporate interests can no longer buy elections, which can't be fixed until... Etc.
I thought Lawrence lessig's plan was interesting. He ran for president with the sole purpose of campaign finance reform and then voluntarily step down to let vp take over because that's all he wanted to do. Wasn't very popular for some reason
See above corporate media step
> Also, the Federal Reserve and the department of Treasury are the nationalized foundation of our banking system, so except for the retail layer, it is nationalized.
Lol it's not nationalized if privately owned banks extract profits from the population while using public money as their foundation.
Funny you should mention that, considering something that I’ve been recently thinking about more when it comes to banks. Why is it that our money is controlled and circulated by a private industry? That’s the federal government‘s job and they keep putting it off to other people.
Just bring back postal banking, it would be a lot easier
When the US dollar eventually becomes a digital currency you absolutely bet that'll become the result
See heres the problem, under the present system, things will be privatized the minute that it isn't political suicide to do so. The tories have already ruined the NHS with the 49% private ownership and heavy outsourcing to contractors.
Central bank digital dollar make them obsolete.
Banks are for burning
Excuse my ignorance but, could somebody "Explain like I'm 5", this for me? If somebody else has already explained it, you can just link their comment or copy and paste it.
edit: Nevermind, somebody put this link just a few comments down.
If the US government had to deal with all the consumer compliance laws banks have to deal with, they would repeal the consumer compliance laws.
At the very least nationalize checking accounts.
Good thing we have the safety net of pay day loan services to help these people also get stuck in an endless loop of unpayable debt!
And cash for gold! And go fund me! The Poors have never had it so good!
Cash cash cash for your bones! Not enough cash? Too many bones? Call Cash Bone!
... do they have to be my personal bones or...?
I don’t see why they would, Cash Bones is in the business of buying bones not asking questions.
Psh, if you're too poor to live on starvation wages, just quit your 16 hours of work a day jobs and totally survive with no income as you find something new that will apparently shell out bookoo bucks for your skill set that you don't have time to hone because you work 3 part time jobs with no benefits!
While you're at it, use those savings you take have to up and move to a new location without any funds to help you get there;
Thank you because i thought i was the only one thinking this.
I still remember my high school economics teacher claiming that, if a job didn't pay enough, then people would pick up and leave that location to go to a new job.
I was 16 and had never been financially responsible for a move before, so I just nodded along like, "that makes sense." But it didn't. Poor people don't have the funds or the means to move to a higher cost of living area in hopes of getting better real wages. There's a monopsony on low-skill labor thanks to a stagnant minimum wage, and no one is interested in paying more than they legally have to.
One of his constant arguments was that the minimum wage set a price floor, and since all companies could agree to pay it, they did. He claimed that, if they didn't have a minimum wage, they'd pay more to attract better labor. But they obviously wouldn't. We have the exact same sized labor pool with a minimum wage as we'd have without one. Nobody pays more because they know that they don't have to. If you're in a certain income bracket, your choices are to work for them or to starve and be homeless. And that's some shit
They definitely shouldn't be allowing libertarians to teach economics to kids lol
But those are the only ones who sign up to teach it, of course
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i hear they even have refrigerators now!!!
Get that payday loan just in time to make your monthly pay-to-own payment!
Eat the rich
Soylent Green New Deal.
Yeet those pieces of shit straight to hell.
Take one bite now - spit out the rest
I just want things to cite their sources, then I could send the source material instead of a meme. But hot damn I've been pissed about overdraft fees for years
[Here's a source](https://www.cnbc.com/2020/12/01/banks-will-get-30b-in-overdraft-fees-this-year-heres-how-to-avoid-them-.html)
Awesome, thanks. It's just nice to know that the memes aren't just made up numbers haha
The source claims it's even worse than the meme BTW
Significantly so, yea. Fuck banks
I got nailed once, years ago, before the meager reforms we have were put into place. What got me was the “reordering” that used to be so common.
Like yeah, I screwed up and overdrew my account. But Wells Fargo chose to hold transactions and present them in the order that maximized the overdraft fees. Placed in chronological order, only the largest transaction overdrafts, and I owe like $25.
Instead, they ran that one through *first* so like ten rando small debit card transactions overdrafted, for $250 in fees. When I went in and asked what the fuck; their answer was “we present the largest transactions first, because those tend to be the most important ones you wouldn’t want to bounce…like rent and mortgage.” Or, in this case, my tuition payment. Fair. But *you didn’t bounce a single transaction.* You ran them all through, and overdrafted on *every single one!* So all you did was maximize the fees.
Which is, I believe, illegal now in the US.
Unfortunately it’s still legal and some banks will even hold
smaller transactions many days until you do overdraw so they can charge you on the pending transactions as well.
Damn, could swear that at least had been fixed, in the same regulations that forced banks to allow you to opt out of “overdraft protection.”
Remember when that was a thing? Where there was no way to get it so your debit card would decline, it was *always* available to overdraft?
Banks fuckin’ suck, always have.
Agreed. I worked for Chase for a few years and currently work for a smaller bank. They all suck.
Oh you have no money? That's gonna cost you extra
In Soviet Russia, you steal from banks
In Dutch kingdom, [banks shoot back](https://www.euronews.com/2021/05/20/one-dead-as-armed-robbery-sparks-gunfight-with-police-near-amsterdam)
For you kids who don't remember banks didn't used to do any of this little fees for everything bullshit.
“$12 billion dollars” = “twelve billion dollars dollars”
"Global pandemic" = "global global disease outbreak"
Is it? I think pandemics can be in just a few countries too.
The banks gonna fuck us again like they did in 2008, they can’t keep getting away with this
When they pay the politicians to let them get away with it, yes they absolutly can.
Republicans are known to let them piss on us but many democrats are no better in that area
I make pretty decent money. I went in to get a credit union account.
They had *six* different overdraft “plans” I could pick. “Don’t let me overdraft”. They argued with me, saying their overdraft forgiveness let’s me overdraft with no fees the first three times.
Why the fuck is my bank trying to convince me to spend money I don’t have?
Because banks aren't in the business of keeping your money safe. They're in the business of loaning money and charging fees for it.
I work in banking (UK, these charges have been illegal for a couple of years now). This is correct. Banks actively lose money on deposit accounts because the clearing institutions charge by the activity. Your account, sat there being available to use, costs money just to occupy the infrastructure.
The aim is to get people in, have a deposit base and decent liquidity to fall back on and then lend with interest in any way you can, because that's where your profit is.
Like all capitalist enterprise, unless the regulatory seals are strong, the water will find every crack. Nothing wrong with earning money from a legit lending product, but squeezing the poor is predatory bullshit.
The single issue that Al Franken ran on in his book
And still not fixed?
Yes why did he not fix this issue all by himself with no one's help
I mean he only wrote it in like 98
It's called "hit 'em with the withdrawal fees all at once at the end of the month, then an overdraft fee"
“give a man a gun and he can rob a bank.
give a man a bank and he can rob the world.”
Wait this would be ok if there would be no pandemic?
I think it’s just extra fucked up during a global pandemic
Fair enough 🤝
People should use the handshake emoji more on reddit
but own stuff??!!!?!??!!????
So... you can squeeze blood from a turnip. Grandpa was wrong.
This is by no means to say this is just, but I want to contextually explain overdraft fees. It's been more than a decade since I was in banking, and I will tell you that 9/10 I sided with the customer in OD issues. I Remember seeing a woman who was clearly homeless with **20** overdraft fees (which added up to about $500) for essentially taking out $25 worth of food and drinks from a god damn *vending machine* for the week.
Contrast that to a lady who called up and
That I refund her the one OD fee because she took out the maximum OD limit of a thousand, and had done so 7 times that year. She was also reaching her maximum days negative every time (which would close the account) and was a hostile customer.
In the first case, I went to the manager (was a credit union) and explained the story. I got every fee reversed and explained, while still unfortunate, she could have taken out one max sum and only had one fee, the system lady number 2 was readily abusing and essentially getting an unlimited free loan. Was definitely not homeless, just irresponsible (deposits of thousands would be depleted in days).
I dont like the idea of people being taken advantage of by banks, but OD fees are a necessary evil. You are borrowing money from the bank you **do not have**
There are reasons the fees exist, and I am not of the opinion everyone should be "entitled" to spend money they don't have and side with the benefit of the doubt it is an emergency situation.
Things I do agree with
1)there should be a national/Federal law about OD fees, how high they can be and how many can be assessed to a customer
2)Banks should absolutely be able to limit the amount of times a customer can do so
Banks at the end of the day are not only a financial institution, but a business. They are where you go when you don't have money and yet some people also expect them to protect all your cash/take care of fraud as if it's "on the house". That is unacceptable. There are also predatory practices by these companies that absolutely should be regulated and customers protected. As always, the sword of hard truths cuts both ways. We have to figure out a system that does both, and unfortunately - *Capitalism* by its very nature makes this process difficult.
Is the overdraft "opt-in" or "opt-out" these days? I know there was a talk about making it "opt-in" by default. I don't know if that is the regulation now.
Oh no, they'll get you regardless. As long as it's a recurring payment, it'll go through.
Let's say I don't meet the monthly $12 charge that bank of America places on it's customers if their direct deposit amount isn't a certain threshold.
If I wasn't paying attention and swiped my card on something I can't afford, that gets declined. But that $12 charge still goes through and boom, negative. That's instantly $35 and if you don't r repay the now $47 you owe them within a week, they charge you $75.
God forbid Netflix goes through while you're negative. That'll go through as well, then you get hit with another $35.
You can go from $0.97 in your account to -$117 in a week on things you cannot control.
Are you saying bank of America charges you an overdraft fee because their own fee put you into the negative?
Overdraft fees are total bullshit.
Its a form of credit with illegal interest rates
My wife got depressed, lost track of the finances and ran up $1400 in overdraft fees. And that’s my pandemic story. PS she’s doing better now!
I told you socialism doesn’t work.
Bc a private company forcing people who clearly don't have money to pay them is socialism lol
That’s the joke.
put a /s or smth behind that.
Why? This is a joke sub.
ik but a lot of people (myself included) cant tell if you are actually joking.
In the end, does it matter?
Poe's law in action
Ben Shapiro when he sees that he will say "now you understand why you shouldn't support communism? It never work and will never work"
Charged me several overdrafts without even over drafting, even credit unions are getting bad.
Overdraft is designed so they can charge you a fee, they shouldn't let your account overdraft in the first place like they do in my country.
Give a man a gun and he can rob a bank. Give a man a bank and he can rob the world.
Why can't these people just make more money so they are not poor?
*Ah, keep 'm stupid and busy enough*, **so they don't figure their BRAINWASHING out.**
I have a sudden urge to play payday 2 irl
Those damn communist banks, stealing from the poor!
This is the shit that makes my blood boil. Reluctantly I was a teller when attending university for Wells Fargo. When they weren’t pushing us to open all sorts of accounts for people who didn’t need them they were screwing over people for overdraft fees. And of course it was the people who were living paycheck to paycheck we would try to help every day. Wells Fargo were absolute shit heads about clearing any up for people. They would push through every small insignificant debit before they would recognize money that people would add to mitigate so even when they tried to get ahead of it they were already behind even with putting in cash or check. Worst job of my life and I can say I’m absolutely happy they fired me. I’m usually not one who would celebrate being fired but I welcomed the change! FUCK THESE DESPICABLE BANKS.
Overdraft fees are just like income tax. If you have lots of money you don't have to pay. Looks like being rich is the solution to all of life's problems. I really like how they run every charge largest to smallest so when your mortgage comes out they nail you with every small charge, I swear they save them up knowing if they process them later they get more money. Got gas? That's a $37 overdraft for the gas and $37 for the $1 the gas station charged to verify your card is good.
I had an employer that was late on a paycheck once. They normally paid me on Friday, they didn't pay me until Monday. I didn't know my account didn't have that paycheck deposited and was charged so many overdraft fees from the weekend that my paycheck went nearly entirely to fees.
1 billion is abstract number. I like to visualize it that way: that's $393 every second, $21.9k every minute for the whole year.
That also means banks offered a short term loan with a set price not interest. If you overdraft then you literally used the banks funds to cover your own costs. I’m not sure why they are bad for charging for the service? Plus you can always opt out of being able to overdraft but then you would have the shame of getting your card declined. I’m fairly anti bank but this is just weak.
It's almost like thats how banks make their money. Which begs the question in they made the money off of that then where did the people get the money?
If people have no money, how do they use an ATM in the first place? Checkmate, liberals.
...And we're surprised because?
Not me! I switched banks before they could charge me and Wells Fargo can suck it!
Could we do a live action Running Man TV show with the bankers behind this?
bUht ThE pRinCiPLe oF iT iS tO tEAcH tHeM tO bE bEtTeR WiTh MoNeY!!1!!
The only times I’ve ever had to pay fees to my bank were times when I was broke af!
In my country, banks relaxed inter-bank transfer fees during the height of lockdown. I wonder if they also collected a solid revenue from over-drafts or not (my country doesn't run on credit. Yet.)
But don’t fix it because that would be socialism and socialism bad
The bank bulding comes to life and then robs the criminal instead
Which is worse, robbing a bank or founding a bank?
My economic professor said the best way to get around from being ripped off from a bank is to invest in one.
That's enough to house the homeless
They do it when it's not a global pandemic too.
BA also added fees to every service in the middle of last year. And icing on the cake... Savings Accounts were no longer free with Direct Deposit. Maintain a $300 balance or pay $5 maintenance fee a month. I was disgusted they did this at that time. I immediately switched banks.
I feel like overdraft fees should go directly back into the economy somehow. To help
Twelve dollars billion dollars. Man what a time to live in, they had to create a currency of our currency that we couldn’t afford to give them more of
Eveyone Lets open a bank
This isn't even the worst part... The billionaire class' net worth increased 55%, over 1.5 TRILLION dollars during the pandemic. This is less than 1% of the problem, which is insane
It’s actually a 19 billion dollar industry. Even worse.
This is one time when I will defend Banks. If you are spending more than is in your account you are essentially borrowing or stealing money; however you want to look at it. I don't fault a bank for charging a fee for that. It's a business and a private enterprise, not a charity. Use a credit union if you are worried about this or tell your bank not to authorize any charge beyond your limit (assuming that's an option).
Now, if a bank is reordering charges to benefit from that which I have heard is the case...that is wrong. Totally.
If a purchase with a credit card can be declined so can a purchase with a debit card. But they aren't. Overdraft fees are working as designed. To make the banks more money.
Fuck the banks!
Huntington bank had introduced some helpful policies that allowed you to overdraft up to a limit without a fee. At least in my area. I don’t work there or anything but just thought I’d bring that up.
Overdraft fees=modern day loan shark.
Yep, I had a $0 balance at one point then they charged me a $10 “maintenance fee” which overdrew my account, the overdraft fee was $40 so I ended up owing them $50. I couldn’t pay it in a 30 day period so they closed my account and sent me a bill for $150 plus the over draft so $200. It was really great as I was out of work (restaurant worker at a small business) and couldn’t afford rent or food. Top notch service.
r/fuckyouparty would ban this as an immediate bill
Support 3rd parties
Support the fuck you party 🎉
My bank has a fee 5 dollar where they only take it if you have a small amount of money in your account and if your account goes into negatives and it's not fixed after a day you owe then 35 dollars.
If you have 4.99 in your account the "mantience fee" kicks in and you owe 1 cent but you dont get paid or can't borrow a buck off anyone in 24hrs you owe 35 plus how much wasnt taken out for the fee. If you have 30 dollars your fine
This disgusts me
according to reports; during the pandemic the rich got richer and a guy selling high end expensive luxery products became the richest man in the world.
It’s these shit companies like Wells Fargo who “incentives” their entry level account management or sales positions to open multiple accounts. Cross selling. I have bank of American and it took me actually physically go into the bank to close 2 checking accounts that they opened without my consent. “We misunderstood”
I remember people joking about in America people steal from the bank the bank steals from you but now I know it’s the other way round
Can we just get rid of overdraft fees on accounts with direct deposits which routinely cover the overdrafted amount?
Banks are never your friend.
What does this have to do with Charlie and the boys?
Someone explain to me what the fuck overdraft fees have to do with people with no money? We took overdrafts in school, and I don’t see the connection. Searched online now too, still don’t know what this means.
Someone help pls
When I lost my job, Chase Bank collected over $500 from me. Glad I quickly found a new job so I could pay off all those fees!
Capitalism at it's finest.
omg this post is all in caps as well which makes OP look like they care!
AAAAAAND IT'S GONE.
I need a source for this
banks dont charge you overdraft fees unless you overspend on your account. it’s actually “you” who “took” the money from the bank, and they are simply taking it back.
Happened to me countless times this year. Will probably continue :/