USA'S BIG PROPLEMS -UPSC |USA'S $30 BILLION LOOTED FROM PUBLIC #IAS
KudosKuber has revealed that banks in the US have been collecting $30 billion in overdraft fees from Americans. The Consumer Financial Protection Bureau (CFPB) has started to address this issue, with some major banks scrapping bounced check charges.
However, the study by Cornerstone Advisors, commissioned by Velocity Solutions, challenges the prevailing narrative of hidden fees and reveals the perspective of everyday Americans who believe their banks are transparent about fees.
The study also examines the real financial challenges facing Americans today, such as inflation, interest rates, and economic instability.
Eliminating overdraft fees may seem like a win for consumers, but it raises complex questions for financial institutions. The need for a shift towards liquidity management programs, personalized solutions, and fairer banking practices is highlighted.
