On January 14, the White House issued an emotionally charged bulletin on overdraft fees. It outdid itself, packing the release with vituperative claims that overdraft fees were sneaky, hidden, just plain wrong, and exploitative, that they raked in excessive profits for the wealthy and padded the banks’ bottom lines, all at the expense of hardworking families.“Junk fees may not matter to the very wealthy, but they matter to most folks in homes like the one [Greek, Jewish, and Puerto Rican] I grew up in,” Joe Biden said in March. “They add up to hundreds of dollars a month.”In his homage to class warfare, and imaginary ethnic experiences as a child, Biden promised in a January 2024 presidential statement to curb or slash junk fees in banking: “This is about companies that rip-off hardworking
Read More »2024-06-26