Bank Overdraft Fees Are About To Go Up, And Who Do You Think You Can Thank?

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The Republican party cares about the common man and seeks to make the lives of regular Americans easier, simpler, and more profitable. At least that is what they campaign on, but once the election is over Republicans discard all of their rhetoric and begin attacking the rights of consumers. It is what they have been doing for decades, but the memories of Americans are so short that Republicans are able to get away with their con over and over and over. A case in point is the Republican effort to make it possible for banks and credit card companies to charge endless amounts of money in overdraft fees, something which was banned during former President Barack Obama’s time in office.

Republican Sen. David Perdue brought forward a Congressional resolution that would discard an entire set of rules for the banking industry. There is to be a large set of rules put into place to protect American consumers. The prepaid banking giant “Netspend” saw around 10-12% of its entire revenue from the year for overdraft fees, and with Perdue’s resolution this would become the norm for many other financial institutions as well.

An associate director of the National Consumer Law Center, Lauren Saunders, said of the proposed rule change:

It is outrageous that Congress may block basic fraud protections on prepaid cards so that NetSpend can keep gouging struggling families with overdraft fees.

Once again the true colors of the Republican party are shining through. One hopes that the American people pay attention to what happens once the election is over and all of the little American flag waving parties have come to a halt — the complete destruction and theft of the American way of life.

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