Of course they weren’t stealing from the poor. It was their boss doing that when they told them to ‘increase profit at any cost’. The only thing they were doing was secure that promotion.
If the world needs to burn to make that happen? Well… that’s too bad.
On one hand, payday loan services and buy here pay here auto dealers are providing capital and transport to people that can't afford it and absolutely need it.
On the other hand, the risk of not seeing their money or vehicle back is insanely high.
That said, the transaction reordering that BoA/other banks did was insanely cruel. I was affected all of the time by this during college before I got my first job. Learning how to overdraft "correctly" was an insanely useful skill back then!
> payday loan services and buy here pay here auto dealers are providing capital and transport to people that can't afford it and absolutely need it.
They're exploiting people that are alright struggling, for sure.
But transaction reordering is just on an entirely different level. You're taking someone who actually has money and then cooking the books to make it look like they didn't, and then charging them for it.
IMO, it should have been considered outright fraud. Banks should have been forced to reimburse all the fees they took, in addition to significant punitive damages. I wonder how many people got evicted because their bank reordered their paycheck to come after their rent check and groceries, and the multiple overdraft fees made them no longer have money for rent.
Did banks ever come up with a justification for reordering? Not that it would be a good one, of course.
Welcome to the entire system. The entire purpose of income tax is to keep the poor poorer while pretending it's a tax on the rich. That and inflation. Constant inflation really targets the have-nots, who have to figure out how to save faster than asset inflation to be able to buy an asset.
It's all orchestrated by evil people, while they try to get political warfare to hide behind.
I cannot come up with the words about how absolutely evil someone had to be to make transactions work that way.
How utterly fucked up and sociopathic do you have to be to steal money from the poor?