are banks morally right to charge overdraft fees?

>>1098337
>morally

Are you menstruating or something? they charge whatever they can legally charge.

And the dumb bitch in the pic should open an account with a credit union, where all the other poor and financially illiterate people bank

>>1098337
If 12.50 ruins her finances and is the foundation of her political views, she meets all the criteria for being a millennial.

I don't understand where the morality of charging for any service is relevant here, but a bank looking to be competitive might not want overdraft fees to be an issue.

im sure other banks are the same but usbank will just give you back your money if you ask.

>>1098337
>$12.50 overdraft is making her finances worse
>loves to go on hiking trips abroad
>probably volunteers for free too

typical millennial denegerate

>>1098337
I don't understand how people overdraft their accounts.

I swear that's a sign of being too stupid to function.

Banks have overdraft fees because a lot of banks are being royally raped through legal fees for court cases. Most big US banks are losing money if they didn't charge overdraft fees. They rake in billions in fees.
>>1098372
>>1098345
Typical 4chinian degenerates. Keep being hipsters that you hate millennials and you're too cool for this generation. We know you're millennials and hating on your own kind is hysterical. You guys are just projecting.

>>1098343
>>1098345
>>1098372
>>1098376
le 80's kid amirite? XXXDDDDDD

Bank overdrafts are like a stupid tax , therefore I'm for them cause i like to think im smart

>>1098383
The banks are being fined for committing crimes and passing the buck to customers. I bet the party of personal responsibility loves this, mostly because they don't know what those 2 big scary words actually mean.

Also just a reminder with 8 years of ZIRP most banks have little to zero incentive to house your money for you.

It's a literally a loan.

>>1098400
Not my fault the previous generation was a bunch of nintendo playing morons.

>>1098383
>We know you're millennials and hating on your own kind is hysterical. You guys are just projecting.

They are right though. Banks don't force to overdraft your account. You do that when you have poor money managing skills. Shit, people used to balance their check books themselves and now we have computers doing it and people are still spending money they don't have.

Not sure why the fuck you're defending her but it's hilarious. You and her can go buy gas you can't afford and whine on facebook about it together 80's cuck.

Maybe she should learn to manage her money and not overdraft her accounts

Exactly how is Bernie going to stop people from over spending their own money?

>>1098337

her own money? I thought overdrafting was when you spent more money than what's in your account. If you're spending the bank's money they have a right to charge interest just like any other loan you take will charge interest. If you don't want to pay interest don't spend money you don't have

>>1098383
>hating your own kind
This doesn't really mean anything. I don't see how you see it as hysterical. Do you lose your fucking mind when you see Americans make a joke about America? The fuck is wrong with you?

It would be projecting if millennials didn't actually have problems with handling money or being spoiled brats. You're just writing autistic word salads while doing the same shit with "4chinian degenerates"

>>1098542
>don't spend money you don't have

Somehow this rule doesn't apply to banks when they borrow 30x their capital and then gamble with it.

>>1098400

le millennium kid amirite?

>"I cannot into banks and finances!"
>"Help me Bernstein 'freestuff' Sanders!"

Every little snot-nosed sheltered retard.

>>1098570

Give a specific example of a bank doing this

>>1098578
Literally all of our banks operate on the principle of fractional reserve banking. Where have you been?
https://en.wikipedia.org/wiki/Fractional-reserve_banking
They have the authority to essentially invent new money out of thin air by issuing credits backed by reserves they don't have.

>>1098337
>current year
>savings account
>so that you can mail uncle sam a check for 20 cents for capital gains tax by the end of the year.

yeah nah. But realistically, there should be some sort of an automatic revolving credit facility that kicks in without such an exorbitant fee

Who the fuck puts money in a savings account?

My CU gives me the same interest on money in my checking account as they do in savings.

>>1098594
I put it in a money market fund, basically just serves as a holding pen until I figure out where to allocate the cash. Also it's where I keep my emergency fund.

Surely you have a cash emergency fund anon.

>>1098596
It's called having 5 grand in your checking account

>>1098337
>Checkings

Stupid bitch deserved it.

As a millenial myself, I see so many people with 2-3 digit bank accounts. It's a problem because nobody taught us anything about saving money and consumerism is pushed harder than ever

Overdrafts punish people from spending more than they can afford, I don't see why it's bad

>>1098470
No it's not lol

File: image.jpg (123KB, 499x618px) Image search: [Google]

123KB, 499x618px

>>1098613
>his emergency fund is only 5 grand

Kek

>>1098721

anything more is a waste for some desu. granted for me its impossible for me to get fired since im a federal employee

>>1098617
>Stupid bitch deserved it.
Are you talking about your own birth?

Morality is irrelevant in business.

If you sign for their service you play by their rules. Don't want to? Find another business.

File: Laughing blackindividaul.jpg (73KB, 614x531px) Image search: [Google]

73KB, 614x531px

The bank defense force was successfully rused.

>>1098337

On a more serious note...don't you have to opt into this?

If not, I'm pretty sure you can opt out.

But that's why I'm with an ancient as fuck bank that mostly caters to old people who are scared of technology.

Only dumb niggers over draft their accounts anyway.

>>1098583
are you implying this is a bad thing?

>>1098772

Isn't that a bit like gambling money you don't have at the casino?

It's great when it works, but when it doesn't, you get fucked?

>>1098773
Which is why banks make safe investments like US treasuries and mortgages. Also it's why we have the FDIC. Without banks people would have to invest money personally, which is very risky and time consuming.

>>1098773

Do you consider small cap index funds gambling then?

>>1098784

When I'm not collecting the gains for my share of the investment and have the potential to lose money from it, yes.

>>1098786

Well, I give you points for at least being consistent.

Overdraft protection is literally the most Jewish thing a bank can do when a single line of code can move an amount of money between accounts under your name. I'm not saying it's immoral, but don't even pretend youre not being a dick if you employ overdraft protection.

>>1098807
personally, I'd rather the bank just not approve the transaction
but I have also only overdrawn an account once

I was closing an account and wrote a check to myself and deposited it in the new account
in the one day between the check going through and me attempting to close the account, I got hit with a recurring card payment

>>1098821
with most banks you can opt out of overdraft protection

File: 1455764637686.png (842KB, 640x1136px) Image search: [Google]

842KB, 640x1136px

Can someone explain wtf she's on about? Bank charges you overdraft fees when you overdraft your account, not when you transfer from savings to checkings (unless she had less than $50 of actual money in her savings account).

>>1098337

Overdraft "protection" is one of the biggest fuckovers in the history of banking.

And yes I share Bernie's sentiment that those in charge of banking and finance have no issue with fucking over the people who need money the most.

I'd rather just have my transaction declined for insufficient funds.

>>1098873
Every bank is different but one bank I had (fort steal national) would charge a monthly premium to automatically deduct from your savings account if your checking account was insufficient.

> buy something for 100
> only 75 in checking
> 25 comes out of savings
> all for a low price of 9.95 a month with overdraft protect (tm)

bernie the kike genius will ban overdraft fees and then the banks will simply pay out less interest to all savers to cover for all the niggers and mudshits who overdraw their accounts


white mans burden

>>1098873
The feds allow you 6 times to transfer money from savings to checking and a 15 dollar penalty after that. Mind you that's every account cycle which is usually 3 every year. Dumb bitch.

>>1098927
Federal Regulation 3

Le wrong generation :DD.