Nothing like getting rich off of irresponsible and poor people.
Same for CC rates on a missed payment.
If it weren’t for irresponsible poor people, we wouldn’t have state lotteries.
If they lower these fees, then there will be other fees and costs to other consumers that use their accounts responsibly. There are certain operating expenses and profit motives that will still be there. Likely the era of “free checking” will be over. The people that overdraft and pay late are funding the people that don’t.
Wait - so charging a penalty fee for writing what is technically an illegal check is wrong? Holding people accountable for irresponsible behavior is wrong? Being “poor” (however you are defining that) is grounds for writing hot checks?
OK - then stop the practice of covering those over-drafts and just go back to returning/bouncing those checks. THEN the consumer gets tagged TWICE - one by their own bank, and again by the one they wrote the check to.