Why do we need your overdraft fees?
According to the CNN (so you know, it’s very accurate information), if Biden gets elected, he might appoint regulators that could crack down on overdraft fees.
A Bloomberg analyst (so again, very accurate) even says that “Overdraft fees are one of the biggest risks to the banking industry under a Biden presidency”.
I feel like they might have said that about every politician/ potential president- so nothing to write home about.
A daylight robbery – 9% of accounts pay 79% of overdraft fees
The CNN article does mention that overdraft fees are a BIG business for banks with JPMorgan Chase taking home more than $2.1 billion of overdraft income last year.
Think about it this way. With $2.1 billion, JPMorgan Chase can keep more than 20,000 workers on their payroll (assuming $100,000 per year including benefits). That’s about 10% of their workforce. That’s a lot.
We created our blog because of overdraft fees – so I guess I do have some interests that people will keep paying them…? Wait, that doesn’t sound right.
A new iPhone
The Almighty God was nice enough to release a new line of phones yesterday – thy name shall be called iPhone 12. Charger and earphones not provided (come on, for environmental purposes of course). You will get an incredible camera you don’t need with an ultrafast 5G internet connection too expensive and unavailable to actually use.
This is a convenient time for Apple to release this phone. A green line in the middle of the screen of my iPhone XS Max just appeared out of nowhere two weeks ago. I have been told that I just need to buy a new one. I am stronger than this and will wait a few weeks.