USAA To Stop Using Stimulus Checks To Cover Negative Bank Balances

The video discusses the public backlash against banks using coronavirus stimulus checks to offset negative account balances and overdraft fees. The New York Times reported that banks were legally applying these checks to cover such fees, leaving customers with only the remaining funds. In response, USA announced a 90-day pause on overdraft fees, allowing customers full access to their stimulus checks. This policy is applied retroactively to accounts with negative balances when the first checks were deposited. Other banks, like Bank of America and Wells Fargo, are also implementing similar measures.

What actions did financial institutions take regarding the stimulus checks?

How did customers access their remaining stimulus money according to the report?

What was the duration of the pause on overdraft collection fees announced by USA?

What did the bank spokesman say about applying the new policy?

Which other financial institutions were mentioned as taking similar actions?