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Banks need it /s
(lemy.lol)
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this post was submitted on 25 Jan 2024
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The general concern is if you remove the overdraft fee as a tool, banks will just require a minimum or cancel you.
If financially struggling families can't even access basic banking, they are further disenfranchised and removed from a stability, and eventually wealth generation
Sounds like a great time to actually bring back postal banking if the "job creators" can't handle just making "some money" instead of " lots of money" from these accounts.
I'm sure the post office would be glad to have the "some money."
Well under Obama there was that weird sorta savings account thing they had. I dropped twenty bucks in it just to check it out. They ended the program I think in 2014.
Sounds fine. And unfortunately banks are extremely real job creators. The existence of loaned capital to start business, pay employees and so on are a course of business development.
Ultimately, weather you like them or not, you can't force a business to work with a given customer, especially if that customer is unreliable or requires more work.
I agree the time of government is to look after people with less/no concern for their profitability, especially when basic well-being and stability are in play.
Yeah you can force a business to work with a customer they don't want. Go open a restaurant and refuse to serve people based on race, see what happens. We force insurance companies to cover people with massive health problems, companies to make diversity hires, banks to lend money to minorities, buses to take pretty much anyone with a valid ticket, bakers to make gay wedding cakes...
Some how some way the world hasnt collapsed into ruin.
Obviously I'm not discussing a protected class.
As in, protected by law. No law exists currently to protect people with a low balance at a bank.