New York Times Article on Overdraft Fees + Listener Question About Buying A Car on a Shoestring Budget

The Notorious Banker

English - June 23, 2021 17:57 - 1 hour - 70.7 MB - ★★★★★ - 54 ratings
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Previous Episode: Cereal Donation Drive, New Segment Giving Fun & Practical Financial Advice, and BofA Mortgage Bankers Quitting in Disgust!

Next Episode: Why Does Bank of America Dislike Chicago? + BofA Neighbor Blinded by Bank's Green Lights + Listener Questions about Roommates and More!

I discuss the Tara Siegel Bernard article in the NY Times about how certain banks are changing their view on overdraft fees, offering alternatives in light of Ally doing away with OD fees.

The main thing I discuss is the Balance Assist program from Bank of America, how it is actually impacting more people negatively because of its rigid terms. I also discuss how the numbers show that OD fees impact a disproportionate number of POC and lower-income people. Plus we get into the 2017 Washington Post Article where we find out the former CEO of TCF Bank named his boat "Overdraft"....Sigh

I also discuss an elephant in the room: That smaller banks make a bigger portion of their revenue on overdraft fees, and we discuss how this needs to be addressed as well.

Then, I talk about a listener question regarding finding ways to be able to purchase a car when your budget doesn't allow it. I get into a frank discussion about secondary and passive income, especially these days where collectible markets are rising, onlyfans is prominent, and Twitch gamers make thousands.... Mainly I discuss the benefits of donating plasma is cities where a center is available. I discuss how it supplemented my income, and then became a full-fledged part of how I piece together my budget, and I discuss plans for the listener on how he can tackle this hurdle. I love talking about issues like this, because I found myself in them often growing up!

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