Like they're going to just take the lack of those fee profits off the bottom line. Look forward to the new and/or increased yearly fees now.
this post was submitted on 05 Mar 2024
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Even if that was the end result, still better than now as it would be a planned expense rather than an additional weight on people in financial trouble
Have to start somewhere. This might move the fees upfront and keep people from getting trapped when the person doesn’t read all the fine print.
Assuming the total remains similar, its good to move the burden away from people who are struggling.
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Just extend that to medical care, and we Gucci... How about outlawing punitive deductibles for health insurance?
Would this push banks to increase interest rates? Mine is already 20% and I've been making my minimum payments.
Idk, I just know banks are schisters who will always find a way to screw the poors.
Probably not. One of the few things people actually look at with credit cards is the interest rate. If one bank raises their rate, they risk losing customers to another bank which is willing to settle for making insane profits, rather than ludicrous ones. Fees like the overdraft ones being limited are a sneaky way to push those profits to plaid, because the suckers using those cards never stop to look at and shop those fees.
they'll just charge 40% interest on that late fee.
And then drop your credit score 120 points for a single missed payment. That's the problem with credit cards that needs to be fixed.
Yes but still won't keep late payments from potentially wrecking your credit.
But they should, that's what credit is for. I understand that one day late shouldn't matter and every time I called my bank they cancelled the fee and the lateness of the payment.
But if you're a month late, it reflects on your credit worthiness