The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest effort by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck.
The change could potentially eliminate billions of dollars in fee revenue for the nation’s biggest banks, which were gearing up for a battle even before Wednesday’s announcement. Exactly how much revenue depends on which version of the new regulation is adopted.
Banks charge a customer an overdraft fee if their bank account balance falls below zero. Overdraft started as a courtesy offered to some customers when paper checks used to take days to clear, but proliferated thanks to the growing popularity of debit cards.
I would argue that the insulin thing was not tiny at all. Biden has been a good President.
The insulin thing is big in itself, but it doesn’t still address the main issue. Shouldn’t your mom‘s cancer treatment be free? Shouldn’t your sister’s heart surgery not put her out of her home?
Weird how we can only make small changes and tiny little slivers of improvement to the overall problem - of a non-universal privatized healthcare system… instead of just fighting to get universal healthcare and yelling about it loudly from the bully pulpit in the same way that someone like Bernie Sanders did.
But Biden can’t do that on his own. He needs Congress, which won’t allow that. The Senate may have a blue majority, but many of those Democrats are too conservative to pass meaningful legislation to address the issues you’re pointing at.
The U.S. won’t do anything meaningful until the Democrats have an overwhelming advantage and won’t need to compromise with domestic terrorist sympathizers and Christian nationalists… and of course the Liebermans, Sinemas, Testers, and Manchins of the Senate