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[KSweeley]

U.S Senator Cory Booker of New Jersey has sent a letter to a total of 13 banks in an effort to examine the practice of overdraft fees: https://www.washingtonpost.com/news...r-to-13-banks-to-examine-overdraft-practices/

Sen. Cory Booker (D-N.J.) sent a letter to more than a dozen banks Monday to inquire about their overdraft-fee programs.

The news comes after the Consumer Financial Protection Bureau filed a lawsuit against TCF National Bank in January, after the agency alleged that bank employees mislead customers into signing up for overdraft services.

Overdraft is offered by banks for customers who make purchases with their debit card, even if they lack sufficient funds in their account but are charged for the service. Many banks make the service optional for account holders, but a 2014 study by The Pew Charitable Trusts showed that across all banks, roughly half of account holders who overdrew their accounts paid a fee that they didn’t recall consenting to.

Federal law requires banks to obtain customer consent before enrolling them in overdraft programs. But the CFPB said in its lawsuit that banks like TCF used confusing practices to get customers to agree to the services.

Consumers usually get charged $35 in overdraft fees when they spend more money than they have in their accounts.

“I’m concerned that too many of our nation’s banks are increasingly driven to accumulate these [overdraft] fees, rather than pursue a business model that serves their communities, and are adopting certain practices to drive participation in so-called ‘overdraft protection’ programs,” Booker said in a letter obtained by The Post.

Booker sent the letter to 13 banks: Chase Bank, Wells Fargo, Bank of America, TD Bank, PNC Bank, SunTrust Bank, Regions Bank, Branch Banking and Trust (BB&T), Woodforest Bank, Ameris Bank, Bank Plus, U.S. Bank, and Ocean Bank. Booker’s spokesman Kristin Lynch said he chose these banks because “they represent the top 10 U.S. banks in overdraft and non-sufficient-funds revenue.”

According to the Federal Deposit Insurance Corp., last year banks in general made more than $11 billion in consumer overdraft fees. In the first quarter for this year they collected $2.78 billion in fees.

In his letter, Booker asks banks to respond by Aug. 11 with information on the bank’s dependence of overdraft fees, consent and transparency, employee incentives to increase overdraft fees and alternatives to overdraft penalties.

According to the press release on Senator Booker's website, one former bank CEO actually named his yacht "Overdraft": https://www.booker.senate.gov/?p=press_release&id=632

Last year alone, three of the largest banks in the country collected over $5 billion in overdraft fees. One former bank CEO even named his yacht “Overdraft” in an apparent nod to the importance of such fees to the bank’s bottom line.

Here's the letter sent by Senator Booker: https://www.scribd.com/document/354000294/Letter-on-Overdraft-Fees-to-Bank-CEOs

 

[buttery fistful]

this man needs to be president

 

[Khansolo1]

this man needs to be president

No he doesn't
Accepts money from pharmaceutical companies and is pro-charter schools

 

[Byakuya769]

this man needs to be president

Nah.

 

[buttery fistful]

No he doesn't
Accepts money from pharmaceutical companies and is pro-charter schools

Nobody's perfect

 

[Draxal]

U don't want a new jerseyan to be president, we're all affected by the taint.

 

[Kyzer]

PNCs really is some bullshit sometimes.

 

[KernelPanic]

this man needs to be president

 

[Khansolo1]

I'd rather have Elizabeth Warren or Kamala Harris
Although I will say I don't know anything about the latter

 

[Kyzer]

I'd rather have ---
Although I will say I don't know anything about the latter

Seems legit

 

[Beartruck]

this man needs to be president

Naw. This is probably the least shitty thing hes done in a while.

 

[entremet]

Perfect enemy of the good again.

Stop doing this, liberals.

 

[Abstrusity]

I'd rather have Elizabeth Warren or Kamala Harris
Although I will say I don't know anything about the latter

Harris is a solid center left choice. Around Obama.

Most important, she can tap into dem anger.

 

[Kid Kamikaze10]

Perfect enemy of the good again.

Stop doing this, liberals.

Just like the tea party to the right, this is gonna keep happening.

Best thing to do is find a candidate that can handle it.

Harris might, Gill may not, Booker probably won't.

 

[UnemployedVillain]

You can find a picture of the Clinton's with the Trumps too
But I'd rather Kamala Harris get a shot

 

[Barzul]

Perfect enemy of the good again.

Stop doing this, liberals.

Swear it's annoying the purity tests. I mean look at the alternative has just spent the last 6 months doing. Don't know if Booker will go far, but he should certainly run and if he somehow wins the nomination I'll be voting for him.

 

[BasicMath]

This is basically the equivalent of Hillary telling wall street to "Cut it out."

this man needs to be president

I hope that the Dems learn from their mistakes in 2016 soon. But so far it doesn't seem like it'll happen though. Current polls have them pushing Biden/Booker/Harris against Sanders/Warren. So there's a good 60% chance I'll have to go with the Republican candidate.

 

[Skellig Gra]

I'd rather have Elizabeth Warren or Kamala Harris
Although I will say I don't know anything about the latter

Flawless logic

 

[sphagnum]

Perfect enemy of the good again.

Stop doing this, liberals.

There's nothing wrong with being critical.

One person said "this guy should be president", another said "no, here's why". That's normal.

 

[Pop-O-Matic]

No he doesn't
Accepts money from pharmaceutical companies and is pro-charter schools

"Purity tests got us into this mess, maybe purity tests can get us out of it..."

 

[sprsk]

This is basically the equivalent of Hillary telling wall street to "Cut it out."

I hope that the Dems learn from their mistakes in 2016 soon. But so far it doesn't seem like it'll happen though. Current polls have them pushing Biden/Booker/Harris against Sanders/Warren. So there's a good 60% chance I'll have to go with the Republican candidate.

That's some amazing logic you got goin there.

 

[Twio]

this man needs to be president

Booker is literally a piece of shit with lipstick on it

 

[rrs]

last time I overdrafted I paid only $8 for it, thank you credit unions

 

[Ogodei]

Whatever your opinion on him, he's definitely angling for it.

I wonder what America would make of the first bachelor presidential nominee since Buchanan?

 

[Frank the Great]

I've been on the Booker '20 train for a while. He is a very talented politician with a strong message. He is bigly charismatic, sincere, and likeable.

Reminds me a little too much of Obama with his annoying optimism but at the end of the day that shit sells.

 

[Steel]

Perfect enemy of the good again.

Stop doing this, liberals.

Yeah. Booker wouldn't be my first choice, but I'd take him over what the Republicans have going on.

 

[Generalpsyduck]

"Purity tests got us into this mess, maybe purity tests can get us out of it..."

That's less purity test more anti shithead corporate shill.

 

[old manatee]

This is basically the equivalent of Hillary telling wall street to "Cut it out."

I hope that the Dems learn from their mistakes in 2016 soon. But so far it doesn't seem like it'll happen though. Current polls have them pushing Biden/Booker/Harris against Sanders/Warren. So there's a good 60% chance I'll have to go with the Republican candidate.

Please tell me there's a chance that you will just stay home.

 

[Barzul]

This is basically the equivalent of Hillary telling wall street to "Cut it out."

I hope that the Dems learn from their mistakes in 2016 soon. But so far it doesn't seem like it'll happen though. Current polls have them pushing Biden/Booker/Harris against Sanders/Warren. So there's a good 60% chance I'll have to go with the Republican candidate.

Ah so Trump. Got it.

 

[Shauni]

Perfect enemy of the good again.

Stop doing this, liberals.

Are we not allowed to dislike Charter school and the continued privatization of education that's helping to segregate people and dumb down our education significantly, or the fact that he has a lot of ties to one of the industries doing the most damage to the country economically?

Okay, mah bad.

 

[skullmuffins]

Ah so Trump. Got it.

The Donald Trump that filled his WH up with Goldman Sachs guys. Bernie/Trump people don't have any actual principles.

 

[Khansolo1]

Look, I'm always going to vote for democrats in any election. All I'm saying is that I would prefer Warren over Booker. But if Booker gets the nomination , I definitely would vote for him.
But like Shauni said, he def has a lot of bad things in his closet.

 

[entremet]

Are we not allowed to dislike Charter school and the continued privatization of education that's helping to segregate people and dumb down our education significantly, or the fact that he has a lot of ties to one of the industries doing the most damage to the country economically?

Okay, mah bad.

God savior Obama had pro charter policy as well.

Point is, is rather see his whole agenda first.

 

[Frank the Great]

Are we not allowed to dislike Charter school and the continued privatization of education that's helping to segregate people and dumb down our education significantly, or the fact that he has a lot of ties to one of the industries doing the most damage to the country economically?

Okay, mah bad.

No one's saying you have to agree with everything the guy says but people are acting he's the fucking devil or worse, a Republican. The dude has a super progressive voting record and would make a fine president on most issues such as climate change, taxation, etc.

Also we need to stop demonizing people for simply "having ties" to industry. It's such a lame criticism that can be applied to literally anyone you don't like.

Totally fine to support someone else in the primary but Booker isn't some piece of shit who should cause you to stay home, he's a solid progressive on most issues and is far better than Trump.

 

[Shauni]

God savior Obama had pro charter policy as well.

Point is, is rather see his whole agenda first.

Oh shit, we weren't allowed to criticize Obama's shitty stuff, either. My bad, my bad.

 

[Kill3r7]

No he doesn't
Accepts money from pharmaceutical companies and is pro-charter schools

He is a NJ politician. If you are going to blame him for accepting money from big pharma and investment firms then you do not understand the area. Big Pharma for a long time was the biggest industry in NJ and it might still be. Losing pharma jobs to SC and other southern states has been a huge blow for our economy. Would you blame a Texas politician for accepting oil money?

 

[kirblar]

This is literally straight out of Franken's book about his fictional run for the presidency.

 

[Shauni]

No one's saying you have to agree with everything the guy says but people are acting he's the fucking devil or worse, a Republican. The dude has a super progressive voting record and would make a fine president on most issues such as climate change, taxation, etc.

Also we need to stop demonizing people for simply "having ties" to industry. It's such a lame criticism that can be applied to literally anyone you don't like.

Totally fine to support someone else in the primary but Booker isn't some piece of shit who signs cause you to stay home, he's a solid progressive on most issues and is far better than Trump.

Putting a lot of words in my mouth, but okay.

 

[tmarg]

TCF is the fucking worst with this stuff. I had an account with them my freshman year of college, back before the law requiring the overdraft programs to be optional was passed and when paper statements were still a thing.

I didn't use the account all summer, and when I came back in the fall they insisted that I owed them like $300. Apparently because I hadn't given them a new address, they were charging me $10 when their statements got returned, and then "protecting" me from overdrafts that their own ridiculous fees were causing.

 

[uncelestial]

This basically confirms his presidential bid in 2020.

I'm not excited about it, nor should anyone be.

http://www.thedailybeast.com/the-ugly-truth-about-cory-booker-new-jerseys-golden-boy
https://newrepublic.com/minutes/139825/cory-booker-not-friend
https://www.theatlantic.com/politics/archive/2013/08/why-do-liberals-hate-cory-booker/278992/

That all said, yes it is bullshit that banks "default" to overdraft fees being charged.

 

[JordanN]

Nah.

Realistically, what's the worst Booker would do?

What makes Trump so evil is because of his alt-right/nazi following. But he is still limited by Congress.

What would Booker do that's heinous enough for Congress to side with him?

 

[ThLunarian]

That's less purity test more anti shithead corporate shill.

No, that's a purity test. All politicians are going to have relationships with corporations. That isn't a reason to discount them outright.

 

[OrangeGrayBlue]

Roughly one of every four posts here so far is mind numbing. The post about voting for Trump if Biden/Harris/Booker gets the nom over Bernie/Warren has gotta take the cake though. I would take any of those five in a heartbeat over any Republican, especially Trump. I genuinely can't fathom how someone could see such a gulf between Bernie Sanders and Kamala Harris that they'd actually think Trump is closer to their ideal candidate.

 

[mlclmtckr]

I genuinely can't fathom how someone could see such a gulf between Bernie Sanders and Kamala Harris that they'd actually think Trump is closer to their ideal candidate.

It helps if you follow politics like wrestling instead of like news.

 

[shadowsdarknes]

Companies do need to follow the law if that is the case. I'm also not particularly empathetic for someone who swipes their card not knowing what's in their account. Most people have the means of checking their accounts prior to a purchase.

 

[Beartruck]

Perfect enemy of the good again.

Stop doing this, liberals.

He's fine as he is as a Senator. It's less purity test and more that every time any Democrat does something good, people crow "Run in 2020!"

Plus, we ran a neoliberal pro-corporate candidate in 2016 and failed miserably. Why should we try again?

 

[old manatee]

I don't really care for Booker, but I hope he runs. I want more choices in the Democratic primary this time.

 

[CampbellzSoup]

Nobody's perfect

 

[theWB27]

Roughly one of every four posts here so far is mind numbing. The post about voting for Trump if Biden/Harris/Booker gets the nom over Bernie/Warren has gotta take the cake though. I would take any of those five in a heartbeat over any Republican, especially Trump. I genuinely can't fathom how someone could see such a gulf between Bernie Sanders and Kamala Harris that they'd actually think Trump is closer to their ideal candidate.

Dont let mab fool you... They're going republican regardless.

 

[Kill3r7]

He's fine as he is as a Senator. It's less purity test and more that every time any Democrat does something good, people crow "Run in 2020!"

Plus, we ran a neoliberal pro-corporate candidate in 2016 and failed miserably. Why should we try again?

Did you ever stop to think that maybe a larger portion of Democrats finds such a candidate more compelling?