No More CFPB, No More $5 maximum overdraft fees, as 47 gets ready to repeal them.

iluvatar5150 said:

Even if the bank isn't engaging in that specific form of manipulation, there can still be a notable lack of clarity regarding when a transaction will actually impact your account. Bills and paychecks can land on different days of the week or in different parts of the month.

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Yes. That's why, until I was confident that I had sufficient funds, I never set up automatic payments, so I could ensure that I had money available in my account when I made the payments. That's my responsibly as the account holder.

iluvatar5150 said:

Merchants and payment processors can run batches at different times. Reimbursements can be processed late. etc. If we're talking about transactions with holds, that lack of clarity can extend to the size of the transactions as well.

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It would be interesting to see just how much of the overdraft revenue results from these practices vs. people just not paying attention to their balances.

probinson said:

I'm not sure how you overdraw a credit card. If you attempt to use your card to purchase something and you don't have sufficient credit available, the transaction gets declined.

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That's not necessarily true. It depends on the terms of the card. I recently had a situation where a large charge landed on the day before my payment was scheduled to hit (or perhaps it was earlier that day; I forget), which exceeded by credit limit. The bank sent me a note saying that I'd gone over, but that they'd approved it anyways.

I don't know why debit cards don't behave how you describe. (or maybe some do? I don't use my debit card)

iluvatar5150 said:

That's not necessarily true. It depends on the terms of the card. I recently had a situation where a large charge landed on the day before my payment was scheduled to hit (or perhaps it was earlier that day; I forget), which exceeded by credit limit. The bank sent me a note saying that I'd gone over, but that they'd approved it anyways.

I don't know why debit cards don't behave how you describe. (or maybe some do? I don't use my debit card)

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You're correct that it's the terms of the card that matter. None of my cards will allow me to overdraft my accounts, as they behave as I described in my last post. If I don't have sufficient funds/credit in the account, then the transaction is denied. The only way I could overdraft my bank account is by writing a bad check, which is extremely unlikely to happen as I only print 1-2 checks each year.

Thanks to Trump, military members are unlikely to see the millions they're owed​

The Consumer Financial Protection Bureau's reversal on its settlement with Navy Federal Credit Union is part of a broader pattern.

Russell Vought, who serves as acting director of the CFPB while simultaneously serving as the director of the Office of Management and Budget, quietly signed an order releasing Navy Federal Credit Union from its agreement to refund $80 million to U.S. service members over illegal fees.

Late last year, Navy Federal settled with the CFPB over allegations that it charged its customers surprise overdraft fees. The nation’s largest credit union — which reports $190 billion in assets and nearly 15 million members — was on the hook to stop charging these illegal fees, refund tens of millions to its customers and pay the CFPB a $15 million fine. With the stroke of a pen, the Trump administration said “never mind” and gave Navy Federal the green light to resume charging the fees.

Sadly, the unraveling of settled enforcement actions by the Trump administration is at this point nothing new. [further examples]

That’s on top of the permanent dismissal of 22 other pending law enforcement actions that the agency had been litigating — including cases against megabanks such as Wells Fargo, JPMorgan Chase, Bank of America and Capital One — involving billions of dollars in consumer harm.

Fantine said:

I just hope consumers who are bilked will blame the right person who robbed them of protection--and vote accordingly.
When their children ask where Sesame St. Is-- vote accordingly.
Or why they're hungry. Or why the police took away their friend's daddy. I could write a book. You get the picture.

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Only if your party brings something other than far left policies and someone better than “word salad“ Harris.

Fantine said:

I'm pretty sure the after 4 years of the 99% being left behind, the Left Behind policies of the far right, and their callous proponents, will be gone.

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As an independent I would still vote against the far left policies and a weak DNC candidate.

BTW- you can reply to me I don’t bite.