Sounds like a good move! Hopefully Wells Fargo will follow suit. Although last time i over drafted i didn’t notice a fee
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$35
@wellsfargo charges an overdraft fee of $35 from their struggling customers - Show replies
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I don't give them any credit for doing the right thing because it just means they were previously bilking people. But I might switch and also I hope it puts pressure on other banks to do so.
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How is charging a fee for an extension of credit "bilking" anyone?
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@ally Well done
Game changerThanks. Twitter will use this to make your timeline better. UndoUndo
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Weird how a bank could charge you $35 for an overdraft of just $.01. And then charge $35 for every overdraft thereafter. Seems kinda illegal, don’t it
Thanks. Twitter will use this to make your timeline better. UndoUndo
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Let's take issue at this preposterous statement: "But banks are still heavily reliant on overdraft fees for revenue. The industry collected more than $12 billion in overdraft fee revenue last year alone, according to industry research."
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Bully for them! Would have saved me a lot of dough back in my younger/poorer days!
Thanks. Twitter will use this to make your timeline better. UndoUndo
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This is a decent move. Utility companies should take a similar approach. If folks are struggling, how are they going to pay penalty fees if they can’t afford to pay the regular billing fees. The system is designed to be predatory against poor people, thus perpetuating the cycle.
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Exactly! You need a car and don’t have good credit or can’t afford a larger down payment? Here, have 25% interest!
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