@CreditCrusader wrote:Holy cow...DREAM ON with this president and senate...though we DO have an election in 8 months
I don't disagree in principle with you. Consumers should be accountable for their actions with these accounts and it absolutely appalls me that responsible account holders are made to pay the difference in profits while irresponsible people have their actions swept under the rug. I just wouldn't look for anything to change in the short term because these lawmakers are drunk with power and believe the government should be regulating responsibility, not the free market.
You may not agree with the way they tried to fix it, but there was a serious problem with overdraft fees. Sure, users should be responsible for fees they incur. However, banks should not be ordering transactions out of chronological order to maximize the number of overdrafts they can take from you. There is a good happy medium between saying, "Let the banks do whatever the hell they want" and "Let's make some reasonable restrictions on how they do business." The problem with our government is that this medium is ignored, people feel like they have to be on one extreme or the other.
Me personally, I would rather still have overdraft fees around with these reasonable restrictions than pay a monthly fee for something else. However, I still contend that the banks are making plenty of money without either fee. They just want even more money. This is why I would leave for a credit union if I ever leave. They are working for the community, not profit. That benefits me, instead of benefiting the bank's shareholders and executive team.