Why Overdrafts Will Always Be With Us Created by host on 10/8/2021 12:48:25 PM
For many years, the House of Representatives had their own bank.
Rubbergate closed the bank. Even our Representatives have trouble managing their financial affairs as do about a third of Americans.
COVID-19 brings us closer to lower OD fees and higher OD limits which are needed by consumers.
Your comments, questions and opinions are welcomed.
Should Errors Be Penalized?
By G. Michael Moebs, Economist
Credit unions, banks, thrifts and fintechs have “blinked” at Ally Bank and Alliant Credit Union moves to eliminate their overdraft fee, yet more financial institutions are following, reducing their price like Walmart did and raising OD limits.
These decisions may appease consumer groups who have called on the House Financial Service Committee’s Chair Maxine Waters to address overdraft charges, but also help protect banks, thrifts, and credit unions from OD lawsuits.
When Ally Bank announced its move in May, Moebs $ervices (M$) predicted their decision could have a big impact on the OD market, but only if other depositories did the same. Now the cards are falling in place lead by credit unions: READ FULL ARTICLE