me_valentijn, 3 months ago

@ai6yr @jsrailton

"Abusive bank fees are totally the best way to prevent even more abusive practices from other financial services. Look how nice those banks are!" 🤡

gavin57, 3 months ago

@ai6yr @jsrailton In as much as banks will automatically set their overdraft fees at that cap...this probably isn't 'technically' incorrect, but even with a cap it is still one of the most expensive ways to borrow and yes, it is predatory and the article is completely tone-deaf.

When this happened in the UK, banks like HSBC doubled the interest rate on overdrafts, as they were around 15-20% but the cap was 40%.