Big Banks Give Payday Loan Style Refunds During Stimulus Deposts + More PPP BS
The Notorious Banker
English - April 17, 2020 06:46 - 54 minutes - 50.9 MB - ★★★★★ - 54 ratingsBusiness Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
We had a record breaking week discussing all things stimulus checks. People waiting for a long time, people blaming the bank and people just waiting to catch up on their bills. One follower tweeted at me about a weird credit that came with his stimulus check, and it blew my mind. Bank of America fronted him the money that he was overdrawn to make sure that he got the full amount of his stimulus
I have never seen that before. Here's a video of me talking about it, with my mind blown.
Now, all big banks are doing it, creating a payday loan style credit, which will be due in a month, when theoretically we can still be broke and in quarantine! It's insane.
Story by Imami Moise from Reuters Here.
I talk about how more overdrafts can happen because of autopays that will happen from certain companies like Netflix or Gyms. It's a scary notion, and I call for banks to permanently credit these differences!
Plus, I talk about the PPP Loan and how the loan dollars dried up, with BofA customers stuck in "processing". Twitter was ablaze with angry people who were stuck in limbo, with BofA being accused of ignoring calls, emails and questions about what documents were needed to fund these loans. Now, with the money gone, BofA claims apps will still process. Reminds me a lot of my home loan process in 2016. I discuss my thoughts about how BofA impacted their loyal customers and don't give a shit about loyalty. So maddening.
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