Banks In New York Can Screw Over Their Customers Again

Banking customers in New York will have a rude awakening soon.  Republicans are continuing to make life harder for poor and working class families. The GOP-controlled Senate passed a bill to repeal consumer protections put in place by President Joe Biden.

It amazes me how far they will go to make sure working New Yorkers get screwed out of every last dollar we have. Banks in New York will likely soon be able to impose higher fees on customers after Republicans voted to repeal protections. The changes by Biden were to take place in October 2025.

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If you're like me and prefer to handle your banking needs with a person, you know that large national banks have been closing local branches for years. Now, many people, especially those in rural areas, have to drive further to find a branch. In addition, wait times have increased now that there are fewer in-person banking options. The unfortunate thing is that we pretty much have to have a bank account to pay bills, cash checks, and save money.

Republicans in the U.S. Senate recently voted to repeal one of the protections put in place by President Biden. The Consumer Financial Protection Bureau, at President Biden's direction, limited overdraft fees to $5. I'm not saying people should go around over-drafting their accounts, but more of us working class New Yorkers have been in a situation where we overdrafted our accounts. Charging a $35 (or more) overdraft fee when a person doesn't have money in their account seems like pouring salt in a wound.

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To me, this is one of those 'make it make sense' things. Republicans control 9 out of 10 of the top 10 poorest states in America. Maybe it's coincidental, or maybe it's not, but the question comes to mind, 'Why do people keep putting Republicans in a position of power to make the rest of the country poor?'

Senate Banking Committee Chairman Tim Scott, who represents the 9th poorest state, led the GOP effort to roll back the cap on bank overdraft fees. Only one Republican, Senator Josh Hawley of Missouri, voted with Democrats to keep the limits in place. Hawley may need to switch sides because he asked a very valid question that seems to go against the GOP modus operandi: "Why would we help the big banks at the expense of working people?"

The U.S. House, which is also controlled by Republicans, will now vote on the bill. I would be very surprised if the bill doesn't pass in the House.

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