Play Myste For Me: Bank of America Check-Cashing Policies Impact Low-Income TNB Follower + BofA Payday Loans Revisited + Financial Literacy to Graduate?
The Notorious Banker
English - March 04, 2021 22:28 - 1 hour - 72.3 MB - ★★★★★ - 54 ratingsBusiness Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Great big podcast today:
First, I discuss an issue my follower and TNB listener Myste had with Bank of America and their new check cashing policy which went into effect in October. Basically, if you need to cash a check that's more than what you have in the bank, you will be forced to deposit it or go somewhere else.
What if that deposit that they make you do impacts your housing, food stamps, health care or anything else? What if I said it wasn't income earned, but an insurance reimbursement check that is familiar to the customer? Well, it doesn't matter to BofA who referred their 12 year client to a seedy check cashing service instead of doing it themselves!
I discuss the process and how Myste ended up reaching out to BofA who then slammed her down once more. Ugh. One of the few bad encounters TNB has had lately.
Plus today, we revisit BofAs upcoming Payday-Loan style lending called "Balance Assist". I discuss my recent convos with media types as I plan out a strategy to expose how this product is not consumer safe, as the rules lead to more overdrafts not on Bank payments, but on auto-pay type things like insurance, Netflix, etc.
I discuss my history with them and how it impacts the Native American, Hispanic and Black communities immensely
(Site promoting the product... scroll to the bottom to read the insane fine print)
Plus I talk about a possible bill in the NM State House where the mom of an ex-girlfriend of mine is introducing a bill which will require financial literacy as a requirement to graduate. Listen how I actually am NOT in favor of this for the simple fact that the teaching is going to be counterproductive to how banks are wanting to teach their customers how to bank, which is the total opposite of any book out there hyping teaching kids about money and banking. No defending banks here, just trying not to confuse kids.
MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker
TheNotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker
The Notorious Banker is on TikTok - @NotoriousBanker - 5600 FOLLOWERS
Sponsors [email protected] - Advertise your business with a growing, cutting edge podcast.
Visit our Twitter Page @BankBetterGuy - Bank Advice, humor, observations, deals and VIGILANTE CUSTOMER SERVICE
VM - 575-322-4127 (3M MAX)
---
Support this podcast: https://podcasters.spotify.com/pod/show/thenotoriousbanker/support