Some banks are taking stimulus checks for unpaid debt or fees

Some banks are taking stimulus checks for unpaid debt or fees

As per a report by the NYT, some Americans’ COVID-19 stimulus checks are being put toward negative balances in the their accounts by some banks. Some of the banks named include, USAA ( a company that serves people in the military), Safe Federal Credit Union, Digital Credit Union. JPMorgan Chase, Wells Fargo, Bank of America and Citibank have all said they will abstain from grabbing the money.

Herbie Goes Bananas
Herbie Goes Bananas
Dave
Dave 1 months

Has anyone thought about those poor bankers who can't afford another diamond encrusted gold jet because poor people aren't paying their debts?!

dan
dan 1 months

Wait? So a check is being deposited into an overdrawn acc. And people are mad that it isn't working like any other deposit? How do you want the bank to handle this?

Evil Smoo
Evil Smoo 1 months

Next week, they'll try and figure out how to make those same customers pay for a bank bailout.

Daniel McEwen
Daniel McEwen 1 months

Okay, so there's this thing. Banks were letting accounts drastically overdraw because they needed money to eat and pay rent. That money is still needed. If the banks made that decision it's on them. We've bailed out banks before and got nothing for it. They can handle it. Note: My accounts are in good standing and I have a job.

Max Bants
Max Bants 1 months

Debt slavery is real.

Pat
Pat 1 months

Lobbying is such a broken system currently. I was thinking stuff like this would happen since before the bill was passed...

Joe
Joe 1 months

There’s a lesson here, folks, like Max Bants said, debt turns you into a slave. Work hard, save your money, only pay for what you can afford, and try to become as self-sufficient as you can. Take up gardening, learn to be a handyman, pay cash to family, friends, or neighbors to help you do something. The less money in the pockets of bank, corporate, and government thugs, the less power they have over you.

Herbie Goes Bananas
Herbie Goes Bananas 1 months

JPMorgan Chase, Wells Fargo, Bank of America and Citibank have all said they will abstain from grabbing the money. The banking giants pledged to pause collections on negative balances or give credits to people with overdrawn accounts.

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