If only they didn’t charge fees. My bank charges an insufficient funds fee that’s conveniently the same amount as the overdraft protection fee. So my options are eat the fee and get my stuff, or eat the fee and not get my stuff.
I’m not entirely sure this is legal, but I was told directly by a representative that these were my options. It’s quite literally a poor tax.
I use a credit union and they don’t penalize for either one. There’s a small “get gud with money” fee for the transfer if you use overdraft protection, something like $1.50 or whatever, but I don’t think there’s an insufficient funds fee at all. They just decline the transaction. I mean it’s not like it actually costs them anything to compare the incoming charge to your account balance, so a fee for not being on the ball is silly.
So your options might actually be “eat the fee, or switch banking institutions”, but they won’t tell you that, ofc.
Well, yeah, switching institutions is always an option, unfortunately it’s not a great one here. I’ve used a few, and unfortunately this one seems to be the best in my area.
Sorry to hear. Have you considered looking for one that does app-based banking and isn’t local?
I mean some 15 years ago I had a credit union that was very very regional, and I moved. But they had good online options (keep in mind this was like… 2009-2011 or so and things have moved so far since) so I kept using them for several years until I found a better local credit union.
Maybe that would be an option for you as well, assuming you don’t need to go in in person for stuff frequently.
Mentioned in another post, but I don’t qualify for many credit unions beyond my local one that I currently use. I’ve used a few different bank options, but none of them have really been any better, and usually worse.
Your current one as in, your credit union is the one charging you these “insufficient fund” fees?
I’m admittedly not educated in the law of banks and credit unions, but I have a feeling they aren’t meant to be doing that… not that the little man like you or I could do much about it 🤷🏾♂️
Since I opted out of overdraft protection several years ago with my credit union, I’ve never been charged insufficient fund fee. Sounds like banks are doing shady/shity things to their consumers again. When will people learn to leave banks and go to a credit union that cares about their people before profits?
I love that last line that shifts the onus of responsibility to the consumer.
Really, though, I’ve gone through a few banks, and am current with a credit union. They’re better than what I got with the banks, but they’re still shady, still wont to charge whatever fees they can get away with. There’s very little oversight, and in a lot of cases you’re kinda stuck with what you get.
