The Federal Reserve allows banks to delay access to funds, generating profits that hurt those living paycheck to paycheck. Banks earn from float and fees.
In 1987, Congress mandated faster access to deposited funds, but regulations have remained outdated despite major advancements in banking technology like mobile check deposits.
The staggering amount of overdraft fees, which reached nearly $30 billion by 2019, highlights how much banks profit from delays in fund availability.
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