Since President Biden took office in January, several U.S. banks have announced major business changes that will reduce the amount of revenue they generate from overdraft fees.
Other banks have indicated that they are reconsidering the fees, which have long been a key pillar of fee income despite persistent criticism from consumer advocates.
The recent changes, which are being led by regional banks, range from eliminating overdraft fees altogether to introducing new products that will offer less expensive options to customers who live paycheck to paycheck.
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What really gets me is when a bank charges me overdraft fees when they do not actually overdraft the account because they declined a check due to insufficient funds. Or, even better, I make a deposit on the same day my account gets overdrawn even though I deposited the funds before the withdrawal. They will say that they do not process deposits until the next business day, or some BS like that. Not only that, but because the bank has pulled out overdraft fees, then the next check I write also causes another overdraft fee. So, now I am 2 overdraft fees in the hole, even though I never actually had insufficient funds in my account.
All about the money, I was a payee for 2 friends for a while and the bank issues I had were out of control.