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Venmo overdrafted my bank rather than use the balance in my account (lemmy.world)
submitted 1 year ago by to c/mildlyinfuriating@lemmy.world
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I had $50 in venmo, which I used to purchase groceries, because my bank account is currently negative.

Instead of using the $50 in my bank account, instead, a week later the $50 came out of my bank account, not touching the Venmo balance at all.

So now I have an overdraft fee, effectively meaning I paid 1.5 times for those groceries.

I don’t have “overdraft protection,” I’ve told my bank I don’t want overdrafts to go through, but fuck me for being poor I guess.

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[–] 3 points 1 year ago*

Transfers are usually pretty quick these days. Sometimes I transfer money from Schwab to Fidelity at night, and it's already available the next morning.

In the USA, a lot of the larger banks and brokerages (and maybe credit unions?) internally use systems like FedNow or RTP, which allow for instant transfers to other banks. It can take a little while if they do extra security checks though.

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