this post was submitted on 23 Oct 2023
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I don’t know if that’s really true anymore. It certainly used to be true that this was a service when the fees were rare and consequences serious but this is another case of enshittification where the fees became a profit center so banks changed policies to charge more of them
That I'm on board with. I worked IT at a company that processed overdraft debt and it was a breeze because the Banks have disgusting amounts of leverage against the poor customer.
But I also think this is a case of "we don't care about the poor people, even enough to come up with ideas to hurt them". They came up with this process that works well for middle-class and provides reliable profits, and they won't actually look into the fact that it fucks with poor people because they don't care. A few banks were giving my previous employer up 40% of their overdraft revenue to collection companies for years without a second thought. It's not a lot of money for them, but it's profits and they don't care to change what makes money. And for most lower-middle-class folks, a rare fee because a bill doesn't quite overlap with a paycheck is "better than being SOL"