“I kept overdrafting my account even though I opted out”
Is this some SovCit shit where they think “opting out” of the terms of service for their bank account is an option?
what do you mean? If I try to pay with an empty bank account the transaction is simply denied.
Nothing sovcit about not wanting the bank to give you what’s essentially a small expensive loan.
In fact, overdraft protection is typically opt-in, so just don’t sign up for it and you’re golden.
The only overdraft I use is self-funded overdraft where it pulls from savings instead of a tiny bank loan. I have it send me a notification when that happens so I can tell when my cash flow is wonky.
No, there’s a US law now where they have to allow you to opt out of overdraft “protection”. They just decline the transaction but don’t charge you any fees.
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.
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?
Some banks allow you to choose- If you overdraft, do you want us to pay the vendor, and then hit you with a overdraft fee? Or do you want us to reject the charge?
They mean opting out of overdraft protection. Banks typically allow you overdraft protection, where instead of denying your sale at point of sale, they’ll pay it, charge you a fee, and let the transaction go through.
If you opt out of overdraft protection, it should instead deny the sale, and you don’t get to buy whatever. At my bank, they do this and then charge an insufficient funds fee, which is the same as the overdraft fee. It’s bullshit.
My sister used to do this with Target.
She was always overdrafting her accounts to the point where my dad actually had to go pay Bank of America $200 to close one of them for her, so she decided ‘fuck banks’ and would just spend her entire paycheck at Target. Whenever she needed cash she would head to Target and return some stuff.
It’s interesting how he somehow manages to have money when he “banks” one way, but constantly overdrafts when he “banks” another way. It honestly sounds like he has difficulty with money management when the money’s in an abstract form, such as a checking account. Having physical cash on hand is a lot easier to keep track of.
I, too, have dealt with that problem. But my solution was to carry a limited amount of cash on me and leave my debit card at home. I mean, I’m glad he found a method that works for him. I’m just concerned he’ll be SoL when the transition to digital-only games renders physical GameStops obsolete.
Video games=paper money=chickens. I’m surprised he’s telling people where his gold is though, that rarely works out well.
1 vote for brilliant