Hacker News Reader

Yeah I'm fighting with PNC right now. But apparently my paypal account was still pointed at them and charged $4 so now they want a $36 overdraft fee and also won't close the account until it's finished "pending"... I honestly can't believe banks get away with overdraft fees. Damn I miss Simple.

View on HN

I did a project in the space, and iirc only like 10-20% of overdrafts (by volume) were inadvertent/mis-management, another smaller group were people that didn’t care (accept that they are going to pay a few hundred dollars a year in overdraft in order to not balance their checkbook). But the vast majority actually made a conscious decision yo pay an overdraft fee, usually because it was a better alternative (sadly) than paying a similar fee to the utility, landlord, car lender,etc. and you don’t lose electricity, a roof over your head, or transportation. Depending on how they’re employed they can also be a better alternative to payday lending. Not advocating for overdraft fees, but just saying that mose users are going in with their eyes open (they just have worse alternatives)

The CFPB gets results.

https://www.consumerfinance.gov/complaint/

It's like how people file complaints with the FCC to get action from monopoly ISPs.

Reply on news.ycombinator.com