Senate Overturns Rule Limiting Bank Overdraft Fees to $5
Senate Overturns Rule Limiting Bank Overdraft Fees to $5
Lawmakers voted to invalidate a rule adopted last year by the Consumer Financial Protection Bureau. It now moves to the House.
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It would be amazing if the Senate inadvertently caused a run on the banks. What if every Wells Fargo customer said, fuck it, I am moving my money to a local CU this week? I would be so happy. Can't wait for closing your account to be made a war crime. Move your shit while it's legal!
That's hard. Changing your bank means changing a whole string of direct deposits and automatic payments. Having done it, the process takes about a month, where you move payments and deposits, then monitor the account for a while to see if you missed anything.
This makes banking relationships quite sticky.
This is why they keep taking advantage of you. Because every time there's a solution it's: "Nhaa, I don't wanna spend 5 minutes every day for a few weeks to make sure my payments are going through".
Something that can help with that: look for financial institutions that have "ClickSwitch".