• paultimate14@lemmy.world
    link
    fedilink
    arrow-up
    38
    arrow-down
    6
    ·
    2 days ago

    “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?

    • pinkystew@reddthat.com
      link
      fedilink
      English
      arrow-up
      6
      ·
      1 day ago

      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?

      • captainlezbian@lemmy.world
        link
        fedilink
        arrow-up
        4
        ·
        1 day ago

        Yeah. I’m in the latter group. I’ve got my secret gas cash, but if I run out of money I get rejected. It hasn’t happened since college, but I keep it in case

    • FiskFisk33@startrek.website
      link
      fedilink
      arrow-up
      32
      ·
      2 days ago

      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.

    • Jerkface@lemmy.world
      link
      fedilink
      arrow-up
      62
      ·
      edit-2
      2 days ago

      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.

      • Ookami38@sh.itjust.works
        link
        fedilink
        arrow-up
        23
        ·
        2 days ago

        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.

          • Ookami38@sh.itjust.works
            link
            fedilink
            arrow-up
            1
            ·
            24 minutes ago

            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.

        • Nfamwap@lemmy.world
          link
          fedilink
          arrow-up
          14
          ·
          2 days ago

          Dude you need a new bank, or credit union, or GameStop.

          An insufficient funds fee!?! Fuck me, America.

        • Apathy Tree@lemmy.dbzer0.com
          link
          fedilink
          English
          arrow-up
          21
          ·
          edit-2
          2 days ago

          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.

          • Ookami38@sh.itjust.works
            link
            fedilink
            arrow-up
            6
            ·
            2 days ago

            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.

            • CouncilOfFriends@slrpnk.net
              link
              fedilink
              English
              arrow-up
              4
              ·
              edit-2
              1 day ago

              I’ve used the free online banking from Charles Schwab as well as Capital One for years and don’t see any fees. Schwab refunds any ATM fees for withdrawing cash, even internationally last I tried. Capital One also has a large partner ATM network.

            • Apathy Tree@lemmy.dbzer0.com
              link
              fedilink
              English
              arrow-up
              9
              ·
              edit-2
              2 days ago

              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.

              • Ookami38@sh.itjust.works
                link
                fedilink
                arrow-up
                2
                ·
                2 days ago

                I haven’t actually looked into any that weren’t local. Well, I did, but none that I found I could qualify for at the time. It may be worth looking into again.

                • Apathy Tree@lemmy.dbzer0.com
                  link
                  fedilink
                  English
                  arrow-up
                  5
                  ·
                  edit-2
                  2 days ago

                  If you are in any sort of unique demographic, like you aren’t a straight white male office worker, you might look for credit unions that serve your specific population.

                  Like if you do trade work, there’s options. If you are Hispanic there’s options. Veterans have several options, women and feminists have several as well. Just sort of look for whatever fits you and see what might be available on a more national scale.

                  And if you are a cishet white male office worker with nothing to distinguish you from anyone else there’s probably a credit union for that, too. The theme of the day is themes. Credit unions that aren’t regionally based are nonetheless community based, and I’m sure you fit a community.

                  Really tho I hope you find something that fits so you can buck the bank. Banks are horrible and we can do better! Through unions!

                  Edit: I looked up Star Trek credit union just for giggles and there’s a NASA credit union, hence the theme being themes.

        • Sonicdemon86@lemmy.world
          link
          fedilink
          English
          arrow-up
          3
          ·
          2 days ago

          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?

          • Ookami38@sh.itjust.works
            link
            fedilink
            arrow-up
            4
            ·
            2 days ago

            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.

            • Sonicdemon86@lemmy.world
              link
              fedilink
              English
              arrow-up
              2
              ·
              2 days ago

              Well capitalism only works if we let it. Don’t want micro transactions in games, stop playing them. Don’t want stupid fees, don’t use them. They only way they learn is to hit their bottom line. The government isn’t going to fix it, as we have learned over and over again they are ran by oligarchs. Anything that makes them more money they will do.

    • Ookami38@sh.itjust.works
      link
      fedilink
      arrow-up
      9
      ·
      2 days ago

      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.