Sens. Booker and Warnock say overdraft and nonsufficient fund fees are causing hardship for Americans who relied on SVB and Signature Bank for payments.
Booker and Warnock said banking customers whose paydays fell between March 10 and March 13 were unable to receive or deposit checks from payroll providers banking with SVB and Signature Bank. They also noted that online merchantThe senators also cited an unrelated, nationwide technical glitch on the 10th that caused missing payments and incorrect balances for Wells Fargo customers.
"These delays will disproportionately harm the impacted customers who are part of the sixty-four percent of Americans living paycheck-to-paycheck, who are often 'minutes to hours away from having the money necessary to cover' expenses that lead to overdraft nonsufficient fund fees," Booker and Warnock wrote.
They praised steps taken by the Treasury and the FDIC to stem a possible economic catastrophe by ensuring access to depositor funds over the $250,000 FDIC-guarantee threshold and creating a new,Treasury Secretary Janet Yellen on Tuesday said the Treasury is prepared to guarantee all deposits for financial institutions"In line with quick, decisive government response to assist the businesses and individuals who were helped immediately in order to contain the broader fallout of these bank...
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