Speaker 1: You're listening to Comedy Central. We all deal with things
Speaker 1: in life that are just annoying, like brain freezes or
Speaker 1: looking for parking or having to trim your nails all
Speaker 1: the time. Yeah, because apparently it's cool when Wolverine grows
Speaker 1: them out, but when I do it as gross. I mean,
Speaker 1: I don't understand how that's fair. But nothing is worse
Speaker 1: than when little annoyances also cost you money, which means
Speaker 1: few things in life are more annoying than overdraft fees.
Speaker 1: You know, And we've all dealt with this ship before.
Speaker 1: You accidentally spend more than you have in your bank account,
Speaker 1: so now the bank is charging even more money that
Speaker 1: you don't have. Even if you go over by like
Speaker 1: a couple of dollars, your bank might hit you with
Speaker 1: a thirty five dollar fee, which makes no sense. Bitch.
Speaker 1: If I had the thirty five dollars, I wouldn't be overdrafting,
Speaker 1: would I. I mean, if there has to be a penalty,
Speaker 1: it should be a nonmonetary one, because you know the
Speaker 1: person doesn't have the money. They should be like, all right,
Speaker 1: you gotta lick the a TM screen or something like that,
Speaker 1: but not money. And this problem has gotten so out
Speaker 1: of hand that Democrats in Congress are now work on
Speaker 1: a bill to rein in overdrow fees, which is good
Speaker 1: because people are just about at them breaking point. This
Speaker 1: is just wild. A woman leapt over a bank encounter
Speaker 1: while arguing with the teller. She didn't want to pay
Speaker 1: overdraft fees, so she went over the counter. It all
Speaker 1: happened here inside this Chase Bank in Baufort. In the video,
Speaker 1: a woman is heard shouting at a bank teller. Then
Speaker 1: the woman climbs over the counter and demands her money.
Speaker 1: The bank teller backs up, and that's when the woman
Speaker 1: steals seven fifty dollars from a cash box. Okay, on
Speaker 1: the one hand, yes, a bit of an overreaction, But
Speaker 1: on the other hand, he also kind of rooting for her, right.
Speaker 1: I mean, that's how much we all hate overdrop fees.
Speaker 1: Like watching this is a bystander must have been so confusing.
Speaker 1: It's just like, hello, I'd like to report a robbery. Yeah,
Speaker 1: who's being robbed? Well, to be honest, both of the
Speaker 1: match a you know what, actually it's balance never mind,
Speaker 1: and I know what you're thinking right now. Look, I
Speaker 1: hate overdroft fees too, but I'm not pole vaulting over
Speaker 1: a counter over thirty five dollars. Well, once you know
Speaker 1: more about how these fees work, you just might. So
Speaker 1: let's find out where these fees came from and how
Speaker 1: they screw you over. In another edition of If You
Speaker 1: don't Know, Now You know so, I spot at the
Speaker 1: beginning in the nies, a bunch of consultants pitched banks
Speaker 1: on overdraft fees, a cool new way to squeeze money
Speaker 1: out of their beloved customers. And as evil as it is,
Speaker 1: you've got to hand it to them, it's definitely creative. Yeah.
Speaker 1: In fact, I bet the executive who came up with
Speaker 1: this idea blew everyone's minds, which is, like, you know
Speaker 1: how we usually take money from people who have money,
Speaker 1: Well what if we also took money from people who
Speaker 1: don't have money. Oh my god, you've done it, Jenkins
Speaker 1: cocaine for everyone. Yeah. When they came up with this idea,
Speaker 1: they didn't call them overdraft fees known. The phrase they
Speaker 1: used for it was overdraft privileged programs. Yeah, because you see,
Speaker 1: customers would now have the privilege of paying extra for
Speaker 1: being broke. And you gotta admit that's hella spin right there, right,
Speaker 1: They should They should do that with everything in life.
Speaker 1: They should hire these same people just to give your
Speaker 1: excuses like, no, she didn't dump my ass, she enrolled
Speaker 1: me in a masturbating a loan privileged program. Everything's great,
Speaker 1: I'm doing great, I'm doing real good. So you see
Speaker 1: what happens is basically banks frame it's like they're doing
Speaker 1: you a favor by allowing you to take out extra money.
Speaker 1: In fact, just listen to what one woman says she
Speaker 1: was told by her bank after she got hit with
Speaker 1: these overdraft fees again and again without realizing it was
Speaker 1: dollars overdrawn funds. Obviously we're not there. They had never
Speaker 1: been there there over a period of time. Why did
Speaker 1: you continue to accept the charges? Their response was, you
Speaker 1: have been such a good streamer for all these years.
Speaker 1: We did not want to embarrass you at the check
Speaker 1: at counter. Wow. Wow, you gotta be kidding me. The
Speaker 1: bank kept charging overdraft fees because they didn't want to
Speaker 1: embarrass this lady. Really, they didn't want to cause any embarrassment.
Speaker 1: Everyone knows people value money over embarrassment. That's the only
Speaker 1: reason that reality shows exist. Are you kidding me? Also,
Speaker 1: you know that explanation is bullshit. Because it's impossible to
Speaker 1: get embarrassed in front of a checkout counterworker. Okay, they've
Speaker 1: already seen it all. Yeah, they've seen every single one
Speaker 1: of us buying fifteen bags of Cheetos and we say
Speaker 1: it's for a super Bowl party, but they know it's July.
Speaker 1: So the banks say this is simply a service they're
Speaker 1: extending to their customers, but the truth is they spend
Speaker 1: a lot of effort manipulating you into paying those fees, Like,
Speaker 1: for instance, did you guys even know that they're totally optional?
Speaker 1: Do you know that? Yeah? Totally optional. Ever since ruling
Speaker 1: by the FED, all reserved customers have to opt in
Speaker 1: to overdraw fees. And now you're probably thinking, wait, I
Speaker 1: never did that, but you probably did. Yeah, you just
Speaker 1: didn't realize that's what you were doing when the bank
Speaker 1: gave me a stack of papers to sign, because nobody
Speaker 1: actually reads that ship, right, Most people see the size
Speaker 1: of the agreements and you're just like, I'll just wait
Speaker 1: for HBO to turn into a mini series and I'm
Speaker 1: not gonna read. That. Kind of gets worse because once
Speaker 1: the banks trick you into signing up for overdraw fees,
Speaker 1: some of them will literally reorder the events of your
Speaker 1: life to make sure that you pay the most. Some
Speaker 1: large banks will manipulate the sequence of customer transactions to
Speaker 1: draw more overdraft fees. This is how it works. Take Joe.
Speaker 1: Joe has one dollars in his checking account. He buys
Speaker 1: breakfast on his way to work, paying for it with
Speaker 1: his debit card. Joe next fills up his gas tank. Later,
Speaker 1: he buys lunch, and then an afternoon cup of coffee. Finally,
Speaker 1: on his way home, he stops at the supermarket to
Speaker 1: buy groceries. The last purchase leaves Joe's account overdrawn by
Speaker 1: fifteen dollars, but rather than charge him one overdraft fee,
Speaker 1: his bank rearranges his purchases from highest to lowest and
Speaker 1: charges him three overdraft fees. By clearing the highest purchases first,
Speaker 1: banks are able to get to the overdraft quicker, thereby
Speaker 1: maximizing profits. God damn, that is evil. It's bad enough
Speaker 1: that these billion dollar corporations are charging poor people overdraft fees,
Speaker 1: but to make it worse, they're manipulating the numbers so
Speaker 1: they can charge even more. Yeah, the third purchase came
Speaker 1: before the first purchase. That's not how you count, right,
Speaker 1: these banks are robbing people or they learned numbers from
Speaker 1: Star Wars. It goes four five, six, one to three seven.
Speaker 1: That's just math. That's the math. And this is another
Speaker 1: example of how corporations can commit crimes that none of
Speaker 1: us can. All right, because this, this is this is theft.
Speaker 1: But they will be like, oh no, it's it's just
Speaker 1: the way, No, it's theft. No individual can get away
Speaker 1: with rearranging the sequence of time. You try this, every
Speaker 1: single one of you in thisstroom, you try it, you
Speaker 1: try it at home. Yeah, try stealing something from the store.
Speaker 1: Then when they catch and be like no, no, no,
Speaker 1: I know I took it today, but I already paid
Speaker 1: for it next week now, if you'll excuse me. But
Speaker 1: like most evil plans, there's big money in what the
Speaker 1: banks are doing. In fact, they collected more than eight
Speaker 1: billion dollars in overdraft fees last year, just overdrow fees. Yeah.
Speaker 1: One bank made so much money off of overdraft fees
Speaker 1: the ceo actually named his boat the Overdraft. Yeah, and
Speaker 1: that's rubbing it in. That's like if Elvis had a
Speaker 1: boat called Black People's Music. I mean, I guess that's
Speaker 1: how you got rich. But maybe you don't advertise it
Speaker 1: a whole Imagine that on your boats. It's like ship like,
Speaker 1: where's the Somemley Pirate when you need one, you know,
Speaker 1: just for him to be like, look at me, look
Speaker 1: at me. This is a better name for a boat.
Speaker 1: Look at me. Now. The good news is some banks
Speaker 1: seem to be getting the message that customers and Congress
Speaker 1: are fed up with these fees. Bank of America and
Speaker 1: TD Bank are settling major lawsuits, while some banks have
Speaker 1: started ending the overdraft programs voluntarily, which is good, but
Speaker 1: until Congress posses is low protecting customers from the most
Speaker 1: egregious overdraft policies. We figured that there was an opening
Speaker 1: in the market for a bank you can really trust.
Speaker 1: Sick of over draft fees that drag you into debt.
Speaker 1: Wish there was a bank that treated you like an adult.
Speaker 1: Well now there is no you're broke, introducing broke Bank.
Speaker 1: At broke Bank, we're not going to let you think
Speaker 1: you have money and then surprise you with an overdraft fee.
Speaker 1: When you're broke, we'll let you know seven dollars for coffee.
Speaker 1: Just get a tap water? Is it embarrassing a little insulting? Definitely,
Speaker 1: But we're committed to honesty, like really committed. Come on,
Speaker 1: we both know you didn't win the lottery. Just walk away.
Speaker 1: What's in your wallet? Nothing? Are you in a jet stable?
Speaker 1: You only got twelve dollars and you need that for sure.
Speaker 1: With Broke Bank, you'll never get tricked into opting in
Speaker 1: for hidden bees. The only thing you'll get from us
Speaker 1: is the truth about how poor your broad gasses. You
Speaker 1: can scream at me all you want, but at least
Speaker 1: I'm not charging over draft fees. Broke Thank you deserve honesty.
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