Anna Maria Andriotis
speaker
3,396 appearances
52 recordings
1 series
first heard Jul 2017
last heard Dec 2022
Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.
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Appearances
The CFPB director also called for the banks to essentially compete on quality of service
in attractive terms, as opposed to, as the CFPB director said, the current status, which is that they are, quote unquote, hooked on overdraft fees to feed their profit model.
In general, what the banking industry says is that they have customers who want to be able to overdraw.
They would rather have their transactions go through than risk them getting declined.
In some cases, people who rely on the ability to overdraw are people who do not have access to affordable credit.
So it is for them viewed as a form of short-term credit, albeit a costly one, but a type of credit that they otherwise would not have access to.
J.P.
Morgan in particular said that the ability to overdraw provides customers flexibility.
And one of the sort of points that the banks in general, J.P.
Morgan and others have made is
is that they have been taking steps to try to lessen the financial burden of these costs and rolling out accounts and features that would help people to avoid incurring overdraft fees.
JP Morgan said that the bank has helped customers by increasing the amount that they can overdraw without incurring a fee.
Wells Fargo says that it's offering a product without overdraft fees and provides certain tools to help its customers manage their accounts.
There's a variety of things that have happened more recently where several big banks have announced changes to their overdraft policies.
One of the more significant ones was Capital One.
which currently charges $35 when people overdraw, the bank said that it will eliminate overdraft fees early next year.
Also, Ally Financial earlier this year said that it eliminated its overdraft fees.
And then more recently this month, JP Morgan,
said that it would give customers until the end of the next business day to replenish their bank account.
So even if they go negative, they would have extra time to replenish it before potentially incurring fees and roll out other changes as well.
Showing 761–780 of 3,396 · page 39 of 170
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