Oddbean new post about login | logout Hear me out, why do banks allow overdraft fees to happen? Why don’t they just CANCEL a payment instead of allowing it to go through if the funds are not there? Why would they keep charging someone for being broke? It makes no sense to me 😂 Like BoA, if the funds aren’t there in the first place how am I supposed to get the overdraft fees?
Overdraft fees are essentially short term loans with insanely high interest rates. It’s a major source of revenue likely and no different than the payday loan industry which is massively profitable. Banks are just not subject to the same scrutiny.
System is designed to keep people broke and in debt. It’s also a way to sell more credit cards and print more money. Hyperinflation in the US is inevitable
how else are they supposed to keep us in debt slavery.
Usually you can waive over draft fees. Cash app does at least
That is not how banks in Europe that service poor people work. As you may be aware, poor people in Europe are not unbanked. And they may be living actually better lifes than some americans who consider themselves rich. Not saying Europe is a model of anything, just saying that slaves in Europe are generally happier.
excellent point 🤙 nostr:note1qmj2mey689cap98uy6kkj3882lu5gx6vj50m2f4sdlf88yxcfqzstrd9zx