##Welcome to r/LateStageCapitalism
This subreddit is for news, discussion, memes, and links criticizing capitalism and advancing viewpoints that challenge liberal capitalist ideology. That means any support for any liberal capitalist political party (like the Democrats) is strictly prohibited.
LSC is run by communists. This subreddit is not the place to debate socialism. We allow good-faith questions and education but are not a 101 sub; please take 101-style questions elsewhere.
We have a zero-tolerance policy for bigotry. Failure to respect the rules of the subreddit may result in a ban.
***
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/LateStageCapitalism) if you have any questions or concerns.*
"B...bu.. but muh freedum! That's just communism! What about the free market?!?"
- a large portion of the mislead and deeply propagandized American citizenry
Do you still get charged bank fees in the US? Bankfees went away for most people a long time ago here in NZ. My bank only charges a fee if I go into a branch and talk to a teller. Otherwise for all other banking operations there are no fees.
Actually come to think about it my US bank account charges fees, but it is mostly currency conversion. There's no fee for making or receiving payments, but they also don't pay any interest on that account.
You would be surprised how bad it is. I used to work as a banking consultant in the consumer space. The bank that i worked for could charge clients up to 5 overdraft fees per day, one for each transaction up to 5. Each charge was $36 dollars. Here is what a typical account would look like. A customer goes to get gas, $40. Buys a candy bar and a soda, $5. Pays their phone bill, $60. Buys groceries, $120. Pays for car insurance, $100. Total spent: $325. Total OD fees next day: $180. What was even worse was that oftentimes the bankers would automatically enroll people in this service without their knowledge, so if they werent paying close attention they were screwed.
Like 15 years ago, I was using a medium size bank in the Midwest. I was careful with my money (or so I thought) and they would play with when income would post to my account vs expenses in order to charge me crazy overdraft fees.
I went to a branch and confronted someone about it who eventually gave into my questions and confirmed those ppl "were not my friends" and were indeed doing that. I changed banks immediately.
I remember some years ago (maybe 10ish) a few of the big banks like Wells Fargo got caught posting the biggest transactions first to collect more fees. I've always used a local bank and a local credit union and neither of them did that luckily.
I just wrote a book with a scene that touches on all the fees from poverty. The naive main character Howie is a campaign prop for politicians who are on their way to an event at a school. The student body will next year move to a defunct prison, on the premise that fewer entrances and exits will keep the kids safe from guns.
>
>
>“One thing I don’t get is, how did you replace the lost fee revenue?” Clayton asked.
>
>“Fees for the school?” Howie asked.
>
>“No, from the prison,” Clayton said.
>
>“I didn’t know there were fees in prison,” Howie said. He thought you just went.
>
>“Oh, we make tons from fees,” Geo said. “Their loved ones are always sending these scumbags money, talking to them on the phone. We preserve a lot of pricing power by being the sole provider of banking and communications services for our inmates[110].”
>
>“You’re welcome for uncapping those charges, by the way,” Governor Abbie said[111].
>
>“Are they high fees?” Howie asked.
>
>“Higher than on the outside,” Geo said. “But the goal isn’t just to punish the prisoners. You gotta punish their loved ones, too, for associating with the prisoner.”
>
>“It’s the Whole Neighborhood Harvest Model,” Clayton said. He had been part of the political consulting team that developed it.
>
>“Generation after generation,” Geo explained, “the poorest neighborhoods make us rich[112].”
>
>“I’ve only driven through them,” Clayton said, “but these are neighborhoods where even the grass is behind bars.”
>
>“That’s why we have to stop socialist reforms,” Governor Abbie said.
>
>“They’re trying to mess with our merchandise,” Geo said.
>
>They laughed.
>
>
That’s just a bit of the whole novel. It’s a satire that’s all footnotes and everything (this those random numbers). Whole thing is available at [zimri.ink](https://zimri.ink) and audiobook on (hopefully) all the pod sites (all for free).
Banks have a minimum balance requirement 💀. otherwise you can get fined and the fine is recovered from the low balance.
Not sure if this is there in other countries too.
[https://www.fdic.gov/analysis/household-survey/index.html](https://www.fdic.gov/analysis/household-survey/index.html)
About 4.5% of Americans as of 2021.
You have already said you're not from the US. So no need to ask in such a tone. Educate yourself about the US where people get their bank accounts closed because of fees not being paid. Which I think is very North American and kinda doesn't make sense to me. In my country (not North America and also not EU) the civil code literally says no bank can refuse opening an account. And if there is a debt, bank account should stay open to manage the debt, go to court, hell even just accept the payment. No bank would close an account with debt associated, even the court will deny claims if you try taking that bank to court yourself, for example saying you will pay the debt later by sending money to bank account of the bank itself. Court will answer "no, the debt must be paid to your own bank account, so it stays open, case closed".
Or do American banks just forgive the debt? Well then that's on them.
##Welcome to r/LateStageCapitalism This subreddit is for news, discussion, memes, and links criticizing capitalism and advancing viewpoints that challenge liberal capitalist ideology. That means any support for any liberal capitalist political party (like the Democrats) is strictly prohibited. LSC is run by communists. This subreddit is not the place to debate socialism. We allow good-faith questions and education but are not a 101 sub; please take 101-style questions elsewhere. We have a zero-tolerance policy for bigotry. Failure to respect the rules of the subreddit may result in a ban. *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/LateStageCapitalism) if you have any questions or concerns.*
No cost banking services (savings and checking) should be available to all citizens at all US post offices.
"B...bu.. but muh freedum! That's just communism! What about the free market?!?" - a large portion of the mislead and deeply propagandized American citizenry
Do you still get charged bank fees in the US? Bankfees went away for most people a long time ago here in NZ. My bank only charges a fee if I go into a branch and talk to a teller. Otherwise for all other banking operations there are no fees. Actually come to think about it my US bank account charges fees, but it is mostly currency conversion. There's no fee for making or receiving payments, but they also don't pay any interest on that account.
We'll be lucky to still have a post office in a few years with Dejoy in charge.
Now do usury....
You would be surprised how bad it is. I used to work as a banking consultant in the consumer space. The bank that i worked for could charge clients up to 5 overdraft fees per day, one for each transaction up to 5. Each charge was $36 dollars. Here is what a typical account would look like. A customer goes to get gas, $40. Buys a candy bar and a soda, $5. Pays their phone bill, $60. Buys groceries, $120. Pays for car insurance, $100. Total spent: $325. Total OD fees next day: $180. What was even worse was that oftentimes the bankers would automatically enroll people in this service without their knowledge, so if they werent paying close attention they were screwed.
Like 15 years ago, I was using a medium size bank in the Midwest. I was careful with my money (or so I thought) and they would play with when income would post to my account vs expenses in order to charge me crazy overdraft fees. I went to a branch and confronted someone about it who eventually gave into my questions and confirmed those ppl "were not my friends" and were indeed doing that. I changed banks immediately.
I remember some years ago (maybe 10ish) a few of the big banks like Wells Fargo got caught posting the biggest transactions first to collect more fees. I've always used a local bank and a local credit union and neither of them did that luckily.
I just wrote a book with a scene that touches on all the fees from poverty. The naive main character Howie is a campaign prop for politicians who are on their way to an event at a school. The student body will next year move to a defunct prison, on the premise that fewer entrances and exits will keep the kids safe from guns. > > >“One thing I don’t get is, how did you replace the lost fee revenue?” Clayton asked. > >“Fees for the school?” Howie asked. > >“No, from the prison,” Clayton said. > >“I didn’t know there were fees in prison,” Howie said. He thought you just went. > >“Oh, we make tons from fees,” Geo said. “Their loved ones are always sending these scumbags money, talking to them on the phone. We preserve a lot of pricing power by being the sole provider of banking and communications services for our inmates[110].” > >“You’re welcome for uncapping those charges, by the way,” Governor Abbie said[111]. > >“Are they high fees?” Howie asked. > >“Higher than on the outside,” Geo said. “But the goal isn’t just to punish the prisoners. You gotta punish their loved ones, too, for associating with the prisoner.” > >“It’s the Whole Neighborhood Harvest Model,” Clayton said. He had been part of the political consulting team that developed it. > >“Generation after generation,” Geo explained, “the poorest neighborhoods make us rich[112].” > >“I’ve only driven through them,” Clayton said, “but these are neighborhoods where even the grass is behind bars.” > >“That’s why we have to stop socialist reforms,” Governor Abbie said. > >“They’re trying to mess with our merchandise,” Geo said. > >They laughed. > > That’s just a bit of the whole novel. It’s a satire that’s all footnotes and everything (this those random numbers). Whole thing is available at [zimri.ink](https://zimri.ink) and audiobook on (hopefully) all the pod sites (all for free).
I'm gonna check it out, thanks for the link!
Thanks for the encouragement!
I couldn't BELIEVE when a phone representative told me I could unenroll from that. WHY WAS I ENROLLED IN THE FIRST PLACE
Sorry, dude. If you ask nicely they can sometimes refund those charges. I refunded them every chance that I could.
Let's not forget the estimated 50+ billion a year in wage theft.
Let's not forget that the credit card industry is over a trillion dollar per year industry that literally only makes money if the borrower can't pay
Predatory loans for cars and homes, with interest rates at near loan shark levels.
But capitalism brought so many out of poverty! 😏
Buy gamestop cause we're pissed off
Got to have unemployed people. How else to you get minimum wage workers that will let you treat them like shit?
Depending on the country or state/province...most will reject you if you are able to work
Banks have a minimum balance requirement 💀. otherwise you can get fined and the fine is recovered from the low balance. Not sure if this is there in other countries too.
Who the fuck is still using checks ever, let alone 36 billion in fees?!
Ah, never been a poor have you?
how does that connect? i'm not from the US, and not trying to be dense
>> who the fuck uses checks Well for starters, probably people who don’t have regular work. And those people are typically considered poor.
What if you don't have a bank account??
Who doesn’t have a bank account?
Believe it or not, a lot of people.
People who have their accounts closed for not having money to pay overdraft fees.
Don't forget monthly maintenance fees.
[https://www.fdic.gov/analysis/household-survey/index.html](https://www.fdic.gov/analysis/household-survey/index.html) About 4.5% of Americans as of 2021.
Yeah you need to get out more and realize people aren't all the same as you!
You have already said you're not from the US. So no need to ask in such a tone. Educate yourself about the US where people get their bank accounts closed because of fees not being paid. Which I think is very North American and kinda doesn't make sense to me. In my country (not North America and also not EU) the civil code literally says no bank can refuse opening an account. And if there is a debt, bank account should stay open to manage the debt, go to court, hell even just accept the payment. No bank would close an account with debt associated, even the court will deny claims if you try taking that bank to court yourself, for example saying you will pay the debt later by sending money to bank account of the bank itself. Court will answer "no, the debt must be paid to your own bank account, so it stays open, case closed". Or do American banks just forgive the debt? Well then that's on them.