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Banks need it /s (lemy.lol)

submitted 9 months ago* (last edited 9 months ago) by King@lemy.lol to c/whitepeopletwitter@sh.itjust.works

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[–] MindSkipperBro12@lemmy.world 11 points 9 months ago (4 children)

Couldn’t you just… opt out of overdrafting?

[–] oocdc2@kbin.social 10 points 9 months 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.

[–] MindSkipperBro12@lemmy.world 5 points 9 months ago (1 children)

Strange, I’m an American and my bank lets me opt out of it.

[–] can@sh.itjust.works 3 points 9 months ago (1 children)

Opt out of overdraft protection or opt out of the ability to be overdrawn at all?

[–] MindSkipperBro12@lemmy.world 1 points 9 months ago

Opt out of being able to overdraft all together, if you spend more than you have, it’ll just deny the transaction.

[–] shalafi@lemmy.world 5 points 9 months 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.

[–] FartsWithAnAccent@kbin.social 5 points 9 months 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.

[–] shalafi@lemmy.world 2 points 9 months ago* (last edited 9 months 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.

[–] captainlezbian@lemmy.world 1 points 9 months ago

My credit union let me do that