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.

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