▲ 950 ▼ Banks need it /s (lemy.lol) submitted 2 years ago* (last edited 2 years ago) by King@lemy.lol to c/whitepeopletwitter@sh.itjust.works 146 comments fedilink hide all child comments Bluesky Post.
[–] MindSkipperBro12@lemmy.world 11 points 2 years ago (4 children) Couldn’t you just… opt out of overdrafting? permalink fedilink source hideshow 8 child comments replies: [–] oocdc2@kbin.social 10 points 2 years ago (2 children) I'm hoping you forgot the /s, but just in case you're not from the US: no, it's built into almost every financial institution's terms and conditions, at least in my experience. I had to get my mother a pre-paid credit card because she would overdraft regularly, and the bank had no solution. The pre-paid just declines payment, like the good old days. permalink fedilink source parent hideshow 4 child comments replies: [–] shalafi@lemmy.world 5 points 2 years ago Did you specifically ask the bank to disable overdraft protection? They can be really weaselly about turning it off. They HAVE to turn if off. By law. https://www.fdic.gov/resources/consumers/consumer-news/2021-12.html In general, for debit card transactions at ATMs or at merchants, consumers must opt-in, or agree up front, that the bank can charge you an overdraft fee for any debit card transaction that overdraws the account. If you don’t opt-in, you can’t be charged a fee. However, your bank may refuse your purchase if it will overdraw your account. permalink fedilink source parent [–] MindSkipperBro12@lemmy.world 5 points 2 years ago (1 child) Strange, I’m an American and my bank lets me opt out of it. permalink fedilink source parent hideshow 2 child comments replies: [–] can@sh.itjust.works 3 points 2 years ago (1 child) Opt out of overdraft protection or opt out of the ability to be overdrawn at all? permalink fedilink source parent hideshow 2 child comments replies: [–] MindSkipperBro12@lemmy.world 1 point 2 years ago Opt out of being able to overdraft all together, if you spend more than you have, it’ll just deny the transaction. permalink fedilink source parent [–] FartsWithAnAccent@kbin.social 5 points 2 years ago You should be able to: If there aren't funds for a charge, then they can just not fucking charge it. My bank does this and I do not have overdraft fees because I cannot overdraft. permalink fedilink source parent [–] shalafi@lemmy.world 2 points 2 years ago* Overdraft fees are opt-in by law. You can always opt-out. All the bitching and moaning on here is weird. There's no point complaining about a thing you don't have to pay for. permalink fedilink source parent [–] captainlezbian@lemmy.world 1 point 2 years ago My credit union let me do that permalink fedilink source parent
[–] oocdc2@kbin.social 10 points 2 years ago (2 children) I'm hoping you forgot the /s, but just in case you're not from the US: no, it's built into almost every financial institution's terms and conditions, at least in my experience. I had to get my mother a pre-paid credit card because she would overdraft regularly, and the bank had no solution. The pre-paid just declines payment, like the good old days. permalink fedilink source parent hideshow 4 child comments replies: [–] shalafi@lemmy.world 5 points 2 years ago Did you specifically ask the bank to disable overdraft protection? They can be really weaselly about turning it off. They HAVE to turn if off. By law. https://www.fdic.gov/resources/consumers/consumer-news/2021-12.html In general, for debit card transactions at ATMs or at merchants, consumers must opt-in, or agree up front, that the bank can charge you an overdraft fee for any debit card transaction that overdraws the account. If you don’t opt-in, you can’t be charged a fee. However, your bank may refuse your purchase if it will overdraw your account. permalink fedilink source parent [–] MindSkipperBro12@lemmy.world 5 points 2 years ago (1 child) Strange, I’m an American and my bank lets me opt out of it. permalink fedilink source parent hideshow 2 child comments replies: [–] can@sh.itjust.works 3 points 2 years ago (1 child) Opt out of overdraft protection or opt out of the ability to be overdrawn at all? permalink fedilink source parent hideshow 2 child comments replies: [–] MindSkipperBro12@lemmy.world 1 point 2 years ago Opt out of being able to overdraft all together, if you spend more than you have, it’ll just deny the transaction. permalink fedilink source parent
[–] shalafi@lemmy.world 5 points 2 years ago Did you specifically ask the bank to disable overdraft protection? They can be really weaselly about turning it off. They HAVE to turn if off. By law. https://www.fdic.gov/resources/consumers/consumer-news/2021-12.html In general, for debit card transactions at ATMs or at merchants, consumers must opt-in, or agree up front, that the bank can charge you an overdraft fee for any debit card transaction that overdraws the account. If you don’t opt-in, you can’t be charged a fee. However, your bank may refuse your purchase if it will overdraw your account. permalink fedilink source parent
[–] MindSkipperBro12@lemmy.world 5 points 2 years ago (1 child) Strange, I’m an American and my bank lets me opt out of it. permalink fedilink source parent hideshow 2 child comments replies: [–] can@sh.itjust.works 3 points 2 years ago (1 child) Opt out of overdraft protection or opt out of the ability to be overdrawn at all? permalink fedilink source parent hideshow 2 child comments replies: [–] MindSkipperBro12@lemmy.world 1 point 2 years ago Opt out of being able to overdraft all together, if you spend more than you have, it’ll just deny the transaction. permalink fedilink source parent
[–] can@sh.itjust.works 3 points 2 years ago (1 child) Opt out of overdraft protection or opt out of the ability to be overdrawn at all? permalink fedilink source parent hideshow 2 child comments replies: [–] MindSkipperBro12@lemmy.world 1 point 2 years ago Opt out of being able to overdraft all together, if you spend more than you have, it’ll just deny the transaction. permalink fedilink source parent
[–] MindSkipperBro12@lemmy.world 1 point 2 years ago Opt out of being able to overdraft all together, if you spend more than you have, it’ll just deny the transaction. permalink fedilink source parent
[–] FartsWithAnAccent@kbin.social 5 points 2 years ago You should be able to: If there aren't funds for a charge, then they can just not fucking charge it. My bank does this and I do not have overdraft fees because I cannot overdraft. permalink fedilink source parent
[–] shalafi@lemmy.world 2 points 2 years ago* Overdraft fees are opt-in by law. You can always opt-out. All the bitching and moaning on here is weird. There's no point complaining about a thing you don't have to pay for. permalink fedilink source parent
[–] captainlezbian@lemmy.world 1 point 2 years ago My credit union let me do that permalink fedilink source parent
