The Soapbox

Joined: 04/30/2006 Posts: 44774
Likes: 60957

What's this?

Well the hot takes from the usual suspects here sure are amusing. It’s a

proposed rule, subject to notice and comment, that has been 10+ years in the making and closes a loophole that excludes overdrafts and fees (which are no different from extensions of credit that are regulated as extensions of credit) from disclosure and fee limitation rules that govern extensions of credit.

I have only browsed through it so far but if I have an issue it’s that it only applies to big banks, where small banks tend to be the ones who monetize overdraft fees the most and treat them like shadow payday loan programs.

(In response to this post by WahooMatt05)

Posted: 01/18/2024 at 09:50AM

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Current Thread:

Biden proposes slashing overdraft fees to as low as $3 -- WahooMatt05 01/18/2024 08:37AM

Didn’t Jamie Dimon say DJT was a better President at Davis? -- Style Lady 01/18/2024 10:01AM

Well the hot takes from the usual suspects here sure are amusing. It’s a -- WahooRQ 01/18/2024 09:50AM

This stuff is so stupid. Eliminate consumer choice and options. Eliminate -- RML Hoos 01/18/2024 09:39AM

Well, I don’t disagree with you in concept, let me throw out a couple of -- 111Balz 01/18/2024 10:33AM

All of that seems like an argument that some entrepreneurial bank might -- RML Hoos 01/18/2024 11:36AM

Are banks allowed to charge their customers $500 late fees? No. Are they -- WahooRQ 01/18/2024 12:31PM

Agreed, the fewer the better. Give consumers choice, options, the power to -- RML Hoos 01/18/2024 12:35PM

I don’t see this as much as reducing options, all the options you mentioned -- 111Balz 01/18/2024 11:48AM

Wow, just wow. And you and Team Biden think this is a good thing. SMDH. ** -- Hoodafan 01/18/2024 09:10AM

Like insurance copays, purpose of the fee is to make it sting a -- HokieDan95 01/18/2024 09:40AM

Usury fees are only good when Govco imposes them! ** -- Hoodafan 01/18/2024 09:43AM

I don’t support this move by Biden, but what govco -- BocaHoo91 01/18/2024 09:51AM

Tolls, Park Fees, gas tax, etc. -- Hoodafan 01/18/2024 09:58AM

None of those are usury fees. But the fact that -- BocaHoo91 01/18/2024 10:12AM

You are correct, I'm not sure why I used that term, but it's still a tax -- Hoodafan 01/18/2024 11:38AM

Banks make money off of overdraft fees. It’s a profit generator. ** -- 111Balz 01/18/2024 2:21PM

You’re really twisting yourself into knots with this -- BocaHoo91 01/18/2024 12:04PM

Oh, I would pay double to see him “debate” Larry -- 111Balz 01/18/2024 11:35AM

You don’t know what “usury” means at all (let alone how it applies to -- WahooRQ 01/18/2024 10:06AM

Nope ** -- 111Balz 01/18/2024 10:22AM

So the Republicans are the party of big banks. Got it -- WahooMatt05 01/18/2024 09:13AM

You think overdraft fees are like loan sharking? -- hoolstoptheheels 01/18/2024 09:47AM

Actually, if you convert most banks, overdraft fees to APR’s, it’s probably -- 111Balz 01/18/2024 10:35AM

You mean accept for all those options that charge no overdraft fees. -- hoolstoptheheels 01/18/2024 11:14AM

What banks are offering no overdraft fees? -- 111Balz 01/18/2024 11:38AM

Here’s at least a partial list. -- hoolstoptheheels 01/18/2024 12:01PM

Don't they return the check, so there isn't even any loan?** -- Hoo TV 01/18/2024 10:54AM

No. If you’re not enrolled in overdraft protection, the check bounces and -- hoolstoptheheels 01/18/2024 12:06PM

I think I have overdraft protection that doesn't cost me anything, but I -- Hoo TV 01/18/2024 12:12PM

Wow. Just wow. ** -- Hoodafan 01/18/2024 09:19AM

I could see the Feds getting involved if the fee was deemed excessive -- DexterLake 01/18/2024 09:17AM

Can't have library late fees becuz RePuBlIKKKuNtS BaNNeD aLL thE BoOks!!!! ** -- ResistHoo 01/18/2024 09:36AM

If overdraft fees are a burden to you, you have much bigger problems than -- HokieDan95 01/18/2024 09:04AM

I don’t disagree ** -- WahooMatt05 01/18/2024 09:10AM

That’s the spirit!!!! Let government continue to encourage poor money -- TomKazanski 01/18/2024 09:04AM

Why not make them zero? And while we’re setting prices -- BocaHoo91 01/18/2024 09:04AM

This is your party -- TomKazanski 01/18/2024 09:11AM

Yes, my party leader doesn’t quote Hitler -- BocaHoo91 01/18/2024 09:26AM

Not the most pressing issue, but it looks nice ** -- Lupos 01/18/2024 08:54AM

Joey using xis magic bank costs dial!!!! ** -- ResistHoo 01/18/2024 08:53AM

Maybe one day, you will start using your brain -- TomGlansAski 01/18/2024 08:54AM

^^^^ Xis boss wishes xe would finally STFU and just make sandwiches ^^^^ ** -- ResistHoo 01/18/2024 09:10AM

Resist, your dad shared a conversation the two of you had the other day: -- TomGlansAski 01/18/2024 09:28AM

Is there a way to just eliminate overdrafts in general? -- tchoo 01/18/2024 08:51AM

Overdraft protection is an option for checking account holders. -- hoolstoptheheels 01/18/2024 09:01AM

I can see the value in paying when the balance goes negative -- WahooMatt05 01/18/2024 08:54AM

The rent's too damn high ..... -- DexterLake 01/18/2024 09:11AM

It's been a long time since I incurred an overdraft fee, but didn't they -- Hoo TV 01/18/2024 09:06AM