Banks keeping stimulus money

[JesasaurusRex]

for over drawn accounts

Some Banks Keep Customers’ Stimulus Checks if Accounts Are Overdrawn https://nyti.ms/3a8nWJC

For some struggling Americans, the arrival of a deposit from the Treasury Department to help with basic expenses like rent and groceries during the coronavirus crisis was something to count on — until their financial institutions got in the way.

That was what happened to Benji Pedro of Columbia, S.C. Because his account at Safe Federal Credit Union was overdrawn by $2,650, he had planned to ask the Treasury Department to mail him a check. But before he could, the agency deposited $1,200 into the overdrawn account on Wednesday, and a representative of the credit union told him that it was keeping all of it, Mr. Pedro said.

Mr. Pedro, a 24-year-old recording artist who lives with his girlfriend and their child, said his account had been overdrawn because of subscriptions to two music services that he had forgotten to cancel.
...

Kinda feel like he's leaving something out. Anyways, how do you guys feel about this? As a whole i mean.

 

[mean dad]

Fuck him for pretending he didn't notice a couple grand in recurring charges.

Fuck the bank for stealing his stimulus check.

 

[KrustyKruser]

Fuck him for pretending he didn't notice a couple grand in recurring charges.

Fuck the bank for stealing his stimulus check.

+1. This is the time to cancel non essential purchases. The bank should have come after him later, that was his money to get through the month.

 

[dravnx]

It's not like the banks have employees sitting at terminals directing what money is deposited, who gets the money and which money is deposited and kept and what money is earmarked to fulfill obligations to the bank.
It's all software driven processes.
Money gets credited to an account. If the account is in arrears, the incoming money is directed to whatever will settle the account.
If you want make these decisions, have a check sent to you. An added bonus of getting a check is it will be signed by the Orange One.

 

[mean dad]

It's almost like you didn't read the article. :laughing

Because his account at Safe Federal Credit Union was overdrawn by $2,650, he had planned to ask the Treasury Department to mail him a check. But before he could, the agency deposited $1,200 into the overdrawn account on Wednesday, and a representative of the credit union told him that it was keeping all of it, Mr. Pedro said.

 

[MikeGyver]

He clearly isn't a good planner.

 

[wazzuFreddo]

A one time payment $1200 was never going to fix a) a long run of personal financial mismanagement and/or b) glaring structural inequalities in our society.

 

[HappyHighwayman]

Why shouldn’t people be responsible for the money they borrow ?

 

[mikev]

dumb thread title.

 

[JesasaurusRex]

dumb thread title.

Too click baity?

 

[TheRobSJ]

What I want to know is what music service costs so much you get overdrawn that much? What was he signed up for some thing where the Village People come to your house and perform YMCA live on your front lawn every month?

 

[mikev]

Too click baity?

You knew exactly what you were doing

 

[JesasaurusRex]

What I want to know is what music service costs so much you get overdrawn that much? What was he signed up for some thing where the Village People come to your house and perform YMCA live on your front lawn every month?

I thought so too, but it also says he's a recording artist, so if it's not code for unemployed, he might have ran that up pretty quick. I couldn't tell you with what though.

You knew exactly what you were doing

I honestly thought the title would be too long for anything more descriptive.

 

[HappyHighwayman]

"Banks keeping stimulus money from those with overdrawn accounts"

 

[mean dad]

"Banks putting profit ahead of all"


It wasn't a loan to get caught up on arrears. It was a stimulus check designed to help Americans pay current bills.

 

[byke]

It annoys me that it's even possible to be overdrawn by that much. I guess declining purchases isn't a thing anymore. Hard stops hurt people's feelings, everything gotta be soft now.

 

[R3DS!X]

how do the banks allow the accounts to be overdrawn? thats fucking dumb

 

[byke]

They're giving too much overdraft protection to people. It's the bank's version of check-into-cash.

 

[Climber]

They're giving too much overdraft protection to people. It's the bank's version of check-into-cash.

Ding, ding, ding. I think we have a winner, here.

He probably had an overdraft account, and the bank grabbed the money when it came in to pay off the overdraft amount.

On a different note, apparently small businesses aren't getting the federal money, big banks are making the decisions and giving the money to corporations far more often than small businesses.

 

[wazzuFreddo]

Ding, ding, ding. I think we have a winner, here.

He probably had an overdraft account, and the bank grabbed the money when it came in to pay off the overdraft amount.

On a different note, apparently small businesses aren't getting the federal money, big banks are making the decisions and giving the money to corporations far more often than small businesses.