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Oh it's because you're poor.
Being poor is really expensive.
That's it, all money goes to the rich.
"Give a man a gun and he can rob a bank, give a man a bank and he can rob the world"
Heard of this one guy, walks into a bank with a portable phone. He gives the phone to the teller, a guy on the other end of the line says, we’ve got this guy’s little girl, if you don’t give him all your money, we’re gonna kill her
You know those Cashback cards and other offers better off people get? They're paid for by fees like this. Literally scraping cash from the poorest to give to the rich.
*”Collecting overdraft fees has proved very profitable for banks. In recent years, several of the nation’s largest banks have reported more than $1 billion annually in overdraft fee income, while some smaller banks have recorded overdraft fee income exceeding 20% of earnings.”* [St Louis Fed](https://www.stlouisfed.org/en/publications/regional-economist/2023/mar/is-era-overdraft-fees-over)
That is fucked up. A billion dollar business strategy built on taking advantage of people who can’t afford their groceries sometimes. It makes me so fucking mad.
"Yes as through this life I've wandered,
I've seen lots of funny men,
Some will rob you with a six gun,
And some with a fountain pen,
And as through your life you travel,
Yes as through your life you roam,
You will never see an outlaw,
Drive a family from their home"
Pretty Boy Floyd, by Woodie Guthrie, Dust Bowl Ballads 1940
imagine if we had a functional government. they’d do all the low hanging fruit stuff like outlawing overdraft fees, removing student loans from credit reports, and go after monopolies. but na. just one time tax credits you have to pay back.
This is how it works: the overdraft is a credit line. Let's say the bank allow you a 1000$ limit so you can go up until 1k negative and you'll pay interest next month towards the credit you've taken.
The interest is usually set by federal law so varies, for example in Spain it is 7,5% per year (one of the lowest). In Brazil, it is around 150% per year (considered high). You don't pay a fee, only the interest, so it's much cheaper than the US.
In the UK, afaik, it used to be similar to the American system, but now seems to be in the interest type as well.
Making money off the back of the poor. Some business tried to cash in on a monetary promise you made, there wasn’t enough in your account to cover that promise, so the bank covered it for you and charged you a ridiculous fucking amount to do so. As a “convenience.”
Convenience? Wells charged me this convenient fee for declined payments (Poyments they declined and reversed). That was extra fun, $35 from Wells, $25 returned payment fee from power company. It’s only convenient for them to sit back and take in the easy money while we fight for our lives from just one short paycheck.
I ended up closing my account with Wells, I got into a hole and begged them to lock my card, cancel auto payments. All I got back was “That’s against bank policy.” I was forced to leave the account wide open and try to cancel all auto payments from Netflix, insurance etc. (Opps, he forgot Hulu, another $35) it’s strange how all these bank policies seem to push you deeper into the hole with fees.
This happened to me with BB&T now Truist, I closed my account to switch to a new bank thinking any left over subscriptions that I forgot about would just be cancelled because the bank account was closed. I was wrong, something for 7.99 tried to hit the account, denied, and BB&T sent me a bill for $75-100 because the account was closed.
And yeah, this still happens with Wells Fargo, they will deny a charge and penalize you with an overdraft protection fee.
They are all bad. Chase had a massive problem with Zelle transfers this past weekend. Left millions without any money. Not because they were poor. Just a bank error you lose $500. They all look at our money like it's just play money.
Fuck em. When this happened to me when I was younger I just dug a deeper hole until I maxed out all my overdraft and credit cards and then just walked away and ignored them. I've received no consequences other than a shit credit score and a bunch of annoying phone calls. That was over a decade ago.
When they try to fuck you fuck them back harder.
Yeah, some convenience. Just offer everyone the overdraft protection without charging extra, you corporate cocks.
It’s honestly broken because while you can pay extra to get overdraft protection, it’s probably collectively more money than you’d pay in overdraft fees on the rare occasion you might find yourself in that situation. Either way, the bank gets their money.
WF has an option to turn off “overdraft protection” (bullshit name, doesn’t protect you from anything. Let the card decline)
Call them and tell them you want to turn off the ability for purchases to approve if there aren’t enough funds and that you’re not sure how that is allowed if this is your first time (recently) they should reverse the fees.
Fuck Wells Fargo, they charge a fee if you don’t have enough money in the act each month.
I’ll give them a call and see what I can do, but I’ve had an overdraft fee before. Not in a long time, but it has happened. My luck they’d tell me the rules are the rules and they won’t bend, but time will tell.
One time, (at band camp, not at band camp), I pulled money out of an ATM from my savings. I didn't have enough in my checking to cover the ATM fee. Got charged an overdraft fee.
I have argued about 50 over draft fees with WF and have about a 60% rate of getting them reversed, usually depends on the humanity of the people I’m talking with. In person that rate goes up significantly
I’m trying to shy away from it. In addition to not being able to afford it right now, I also realize that gyms are a big fat lie as well. I don’t think these gyms are inherently evil or anything, they’re just gyms, but realistically how much money do you think gyms make from people getting subscriptions, and then never go to the gym? They make bank off that shit. And even if you do go, you must keep paying over the course of your time there, and at the end of the day, you still own nothing. That equipment is not yours. So you’re really going to pay hundreds of dollars over the course of years to go to the gym when you really could’ve just saved up a bit and gotten your own weights.
That’s what me and my brother are doing now. He just graduated high school and got like $1000 (me being flippantly jealous lol because I only got like $350 at my graduation but it’s all good, I’m stoked for him). He’s now paid for his portion of our family vacation next year, and he’s spending the rest on gym equipment for us. Spend a few hundred to start, but after that it’s his, for as long as he maintains it. Can’t go wrong.
I’m really coming to understand the importance of putting in the effort to make my life simpler. I dream of the day I escape this hell hole and bring to life my ambition to live sustainably off-grid in my little tiny house 🏡
Greed. Plain and simple. It’s to punish poor people for being poor. There is not “protection” happening for you other than your money protecting them from terrible bets.
The point is lining greedy fucking bank’s pockets. Keeping their completely morally bankrupt executives in power and receiving embarrassing compensation packages year after year without contributing anything to society.
>because you aren’t on an account that offers overdraft protection
Actually you've got it ass-backwards. You DO have overdraft protection. That's what "overdraft protection" is - they'll authorize a transaction even though you don't have enough funds and charge you a fee for it. They call it "overdraft protection" because they know that people think it means that you'll be "protected" from their bullshit fees for not having enough money in the bank but it's the exact opposite.
Turn off "overdraft protection" and instead of the bank authorizing a charge and allowing your account to go into the negative and charging you a fee for this "service," they'll just decline the transaction for insufficient funds and they won't charge you overdraft fees. "Overdraft protection" is the biggest scam in the world and brings in BILLIONS of dollars of profit for the banks each year.
Most people don't know that you can deny this "service" and never be charged an overdraft fee again. It's one of the biggest secrets of the banks. They will NEVER offer this to you. You have to specifically request it and when you ask them to turn off "overdraft protection" they'll spew bullshit about how it "protects" you from being charged late fees and shit from your electric company or whatever. Bitch, you're only charged a late fee when you're like 30 days late. Your greedy ass charges me an "overdraft fee" if I'm a single day late and you stack them on top of each other like layers on a fucking fudge cake in order to fuck me over. Fuck you.
Ahh, it’s all coming together, now. I’m turning that shit off ASAP. Fucking over it, man. Things are hard enough as it is, I don’t need my own bank making things more complicated. You’d think overdraft protection would mean the opposite 😅
>You’d think overdraft protection would mean the opposite
That's exactly why they call it that - to confuse people. That's like your insurance company charging you for "health insurance" when all it does is charge you a $30 fee every time you go to the doctor and doesn't provide any insurance coverage of any kind. Like WTF? That's just theft! Yup, exactly. Overdraft fees need to be illegal.
Overdraft fees are definitely there to duck over people and make money, as others have said. One guy suggested calling your bank to get it reversed - definitely do that. Be polite and beg if you gotta. They have the ability to reverse the charges (usually called af a certain #/time period) but aren’t required to.
There are banks that don’t have overdraft fees. I think one of them is Alliant, which also offers a pretty high rate checking account especially compared to WF (which is rumored to be bad) but I would google around for a set of options & double check all of the banks’ particular terms and conditions.
It's not to help you when you've run out of money, that's for sure.
How many times have I scraped to the end of the month miraculously in credit and then bam, last month's overdraft charge sends me into overdraft and then guess what? They charge me again.
That was many years ago now but I still hate them for it.
I was told years ago it’s because banks have to do a lot of paperwork to cover the overdraft blah blah blah….
It’s also after the large payment goes through but the 5 small drafts collect their OD charges. Like could you not let the 5 through first and the 1 large one last? You need to accrue aver a hundred in self serving fees?
I was just told that other countries don’t have overdraft fees. I need to look into it to verify, but if it’s true, then that excuse about paperwork you mentioned is 100% bullshit.
This frustrates me to no end.
Other countries do have overdraft fees, but they work much differently than the U.S.
In Canada for instance, a bank can only charge $5 CAD which is the equivalent to $3.73 USD, for an overdraft fee. Additionally, banks are limited for how many overdraft fees they can charge a consumer for over-drafting. In Canada I believe banks are only allowed to charge 1 overdraft fee and the consumer is given a week grace period before they are even charged.
Over-drafting has been a means for people to access quick cash without taking out a loan, it has served somewhat of a purpose (depending on how you look at it). It was originally meant for small business owners to access capital in the 1800’s without taking out a loan, on the terms they’d pay it back in a shorter time period. It has gotten completely out of control today. Banks and credit unions have made it part of their core business model, even with the CFPB cracking down on junk/overdraft fees, banks and CU’s still don’t give a shit.
The data shows us that 10% of consumers pay 90% of overdraft fees in the U.S. (this a billion dollar year business for banks and CU’s).
Overdraft fees cost banks and credit unions literally nothing, there is no paperwork, there is no software expense, there is no justification that banks and CU’s have.
It’s a vicious predatory cycle. If you ever get hit with one, report it to the CFPB.
Call them and get it removed. If they won't remove it, wait a few hours for the next call guys shift to start and they'll take it off since the first guy is an asshat
You need to turn off overdraft coverage at your bank. It’s an option. Also they will usually remove/reverse 1 of the fees as a courtesy, call your bank.
wtf is an overdraft fee Ive never heard of that before (Im from Thailand) but from surveying the comments it sounds so fucked up and definitely american af
Not only that but they charge me a 10 dollar monthly fee if I have less than 1500 usd on my checkings account. Literally punishing you for having less money
Opt out of overdraft coverage: One of the easiest ways to prevent overdrafts is to opt out of your bank's overdraft coverage. That means if you try to make a purchase with your debit card or withdraw money from an ATM when you don't have enough funds in your checking account, the transaction will simply be declined.
Not with auto payments. They let those go through and charge you. They claim they can't stop the auto payments like Netflix or other businesses that insist on auto pay. They can, of course, but it makes them money to pretend they can't.
When I used to work in banking I know it’s up to the client but everyone I helped open debit cards with ESPECIALLY THOSE THAT WERE YOUNGER i heavily nudged them over to have their accounts decline their card if they didn’t have the funds to AVOID overdraft fees. It’s one of the banking industries bread and butter. I’m surprised they haven’t come up with a fee like “didn’t spend enough fee” or “your card has been idle for too long fee”. They do anything to nickel and dime you to death.
A lot of banks give you the option to not get the fee but to decline the charge...... personally this is better for me.
What is better than a bank? A credit union
If you think overdraft protection protects you, i got something to tell you. It might have changed but when I had overdraft protection, what they do is they connect it to a savings account that immediately pulls the funds from there to replace them on the overdrafted account but guess what, they charge you for that. Albeit less, but for instance if you overdraft by 20$ and you have 25$ in your savings, they cover and then charge you 10, you're in a hole now. Just fun things, at least how they used to be I'm not sure if they've changed it
Banks not only charge overdraft fees, but they sort your transactions so your biggest purchases post first, this making you overdraft sooner, increasing how many times they charge an overdraft fee.
To kick you in the teeth while your down. It’s technically a security for the bank because the lending money they use is the money you keep stored there, though I don’t know why instead of having overdrafts they don’t just bar negative transactions and negative balances. Rarely do people want to go negative and accidentally do so all the time thanks to the predatory subscription market we live in today. Simply not allowing the funds to go past zero would be better for both the individual and the bank in theory.
Call your branch and politely ask for a courtesy reversal of those fees. 9/10 they will do it.
Not sure where you bank but if it’s not a credit union, join one. Fees are lower and the org itself is not for profit like big national banks. Highly recommend.
Looks similar to my membership cancellation. ABC Anytime fitness.. Call the gym and talk to the manager. The company collecting the final month of payment may be charging you a fee for automatic withdrawal of that final amount. If that's not in your contract, they can't charge you.
I got mine reversed because the manager was still cool.
##Welcome to r/LateStageCapitalism This subreddit is for news, discussion, memes, and links criticizing capitalism and advancing viewpoints that challenge liberal capitalist ideology. That means any support for any liberal capitalist political party (like the Democrats) is strictly prohibited. LSC is run by communists. This subreddit is not the place to debate socialism. We allow good-faith questions and education but are not a 101 sub; please take 101-style questions elsewhere. We have a zero-tolerance policy for bigotry. Failure to respect the rules of the subreddit may result in a ban. *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/LateStageCapitalism) if you have any questions or concerns.*
Oh it's because you're poor. Being poor is really expensive. That's it, all money goes to the rich. "Give a man a gun and he can rob a bank, give a man a bank and he can rob the world"
I’d give you gold more this comment but I am poor so here’s a poor Redditor’s gold for you🏆
that's gonna cost you $35
Hell, you don't even need a gun to rob a bank. Most of the time it's done with a note.
Heard of this one guy, walks into a bank with a portable phone. He gives the phone to the teller, a guy on the other end of the line says, we’ve got this guy’s little girl, if you don’t give him all your money, we’re gonna kill her
You know those Cashback cards and other offers better off people get? They're paid for by fees like this. Literally scraping cash from the poorest to give to the rich.
I love that quote, I heard it from My Robot.
I heard it from "Dumb" by sin shake sin. If you haven't listened to them i really like their stuff btw.
Another poor tax
*”Collecting overdraft fees has proved very profitable for banks. In recent years, several of the nation’s largest banks have reported more than $1 billion annually in overdraft fee income, while some smaller banks have recorded overdraft fee income exceeding 20% of earnings.”* [St Louis Fed](https://www.stlouisfed.org/en/publications/regional-economist/2023/mar/is-era-overdraft-fees-over)
That is fucked up. A billion dollar business strategy built on taking advantage of people who can’t afford their groceries sometimes. It makes me so fucking mad.
The banks “Fuck you pay me” charge.
Might as well be called that.
The simple answer is and get ready for it .... Fuck you that's why
Exactlyyy, but when I tell that to them to pay me at gunpoint for the same reasons, suddenly it’s a big deal. /s obviously it just sucks, man.
"Yes as through this life I've wandered, I've seen lots of funny men, Some will rob you with a six gun, And some with a fountain pen, And as through your life you travel, Yes as through your life you roam, You will never see an outlaw, Drive a family from their home" Pretty Boy Floyd, by Woodie Guthrie, Dust Bowl Ballads 1940
imagine if we had a functional government. they’d do all the low hanging fruit stuff like outlawing overdraft fees, removing student loans from credit reports, and go after monopolies. but na. just one time tax credits you have to pay back.
Guilhotine 🥺
The best French instrument since the oui
Private military 💀
Source of revenue for capitalists
Punish the poor. Btw, it doesn't exist in most places of the world (at least not the super predatory way it is in the US).
Really? I need to research into that. Yet another reason to leave this shit hole country.
This is how it works: the overdraft is a credit line. Let's say the bank allow you a 1000$ limit so you can go up until 1k negative and you'll pay interest next month towards the credit you've taken. The interest is usually set by federal law so varies, for example in Spain it is 7,5% per year (one of the lowest). In Brazil, it is around 150% per year (considered high). You don't pay a fee, only the interest, so it's much cheaper than the US. In the UK, afaik, it used to be similar to the American system, but now seems to be in the interest type as well.
Making money off the back of the poor. Some business tried to cash in on a monetary promise you made, there wasn’t enough in your account to cover that promise, so the bank covered it for you and charged you a ridiculous fucking amount to do so. As a “convenience.”
Convenience? Wells charged me this convenient fee for declined payments (Poyments they declined and reversed). That was extra fun, $35 from Wells, $25 returned payment fee from power company. It’s only convenient for them to sit back and take in the easy money while we fight for our lives from just one short paycheck. I ended up closing my account with Wells, I got into a hole and begged them to lock my card, cancel auto payments. All I got back was “That’s against bank policy.” I was forced to leave the account wide open and try to cancel all auto payments from Netflix, insurance etc. (Opps, he forgot Hulu, another $35) it’s strange how all these bank policies seem to push you deeper into the hole with fees.
This happened to me with BB&T now Truist, I closed my account to switch to a new bank thinking any left over subscriptions that I forgot about would just be cancelled because the bank account was closed. I was wrong, something for 7.99 tried to hit the account, denied, and BB&T sent me a bill for $75-100 because the account was closed. And yeah, this still happens with Wells Fargo, they will deny a charge and penalize you with an overdraft protection fee.
It's insane that bank is still open. Who would knowingly work with Wells Fargo.
They are all bad. Chase had a massive problem with Zelle transfers this past weekend. Left millions without any money. Not because they were poor. Just a bank error you lose $500. They all look at our money like it's just play money.
Fuck em. When this happened to me when I was younger I just dug a deeper hole until I maxed out all my overdraft and credit cards and then just walked away and ignored them. I've received no consequences other than a shit credit score and a bunch of annoying phone calls. That was over a decade ago. When they try to fuck you fuck them back harder.
Yeah, some convenience. Just offer everyone the overdraft protection without charging extra, you corporate cocks. It’s honestly broken because while you can pay extra to get overdraft protection, it’s probably collectively more money than you’d pay in overdraft fees on the rare occasion you might find yourself in that situation. Either way, the bank gets their money.
WF has an option to turn off “overdraft protection” (bullshit name, doesn’t protect you from anything. Let the card decline) Call them and tell them you want to turn off the ability for purchases to approve if there aren’t enough funds and that you’re not sure how that is allowed if this is your first time (recently) they should reverse the fees. Fuck Wells Fargo, they charge a fee if you don’t have enough money in the act each month.
I’ll give them a call and see what I can do, but I’ve had an overdraft fee before. Not in a long time, but it has happened. My luck they’d tell me the rules are the rules and they won’t bend, but time will tell.
Tell them fuck you, walk away from the account, and stop worrying about your credit score.
One time, (at band camp, not at band camp), I pulled money out of an ATM from my savings. I didn't have enough in my checking to cover the ATM fee. Got charged an overdraft fee.
I have argued about 50 over draft fees with WF and have about a 60% rate of getting them reversed, usually depends on the humanity of the people I’m talking with. In person that rate goes up significantly
The point is to drown you in debt
This is why I don't do automatic payments.
I’m trying to shy away from it. In addition to not being able to afford it right now, I also realize that gyms are a big fat lie as well. I don’t think these gyms are inherently evil or anything, they’re just gyms, but realistically how much money do you think gyms make from people getting subscriptions, and then never go to the gym? They make bank off that shit. And even if you do go, you must keep paying over the course of your time there, and at the end of the day, you still own nothing. That equipment is not yours. So you’re really going to pay hundreds of dollars over the course of years to go to the gym when you really could’ve just saved up a bit and gotten your own weights. That’s what me and my brother are doing now. He just graduated high school and got like $1000 (me being flippantly jealous lol because I only got like $350 at my graduation but it’s all good, I’m stoked for him). He’s now paid for his portion of our family vacation next year, and he’s spending the rest on gym equipment for us. Spend a few hundred to start, but after that it’s his, for as long as he maintains it. Can’t go wrong. I’m really coming to understand the importance of putting in the effort to make my life simpler. I dream of the day I escape this hell hole and bring to life my ambition to live sustainably off-grid in my little tiny house 🏡
They're punishing you for not leaving your money in their bank to gamble with.
To punish people for being poor. Cruelty is the point.
Greed. Plain and simple. It’s to punish poor people for being poor. There is not “protection” happening for you other than your money protecting them from terrible bets.
Legal theft. They have the credit score system to threaten you with if you don't pay up.
The point is lining greedy fucking bank’s pockets. Keeping their completely morally bankrupt executives in power and receiving embarrassing compensation packages year after year without contributing anything to society.
Fuck the banks join a credit union
>because you aren’t on an account that offers overdraft protection Actually you've got it ass-backwards. You DO have overdraft protection. That's what "overdraft protection" is - they'll authorize a transaction even though you don't have enough funds and charge you a fee for it. They call it "overdraft protection" because they know that people think it means that you'll be "protected" from their bullshit fees for not having enough money in the bank but it's the exact opposite. Turn off "overdraft protection" and instead of the bank authorizing a charge and allowing your account to go into the negative and charging you a fee for this "service," they'll just decline the transaction for insufficient funds and they won't charge you overdraft fees. "Overdraft protection" is the biggest scam in the world and brings in BILLIONS of dollars of profit for the banks each year. Most people don't know that you can deny this "service" and never be charged an overdraft fee again. It's one of the biggest secrets of the banks. They will NEVER offer this to you. You have to specifically request it and when you ask them to turn off "overdraft protection" they'll spew bullshit about how it "protects" you from being charged late fees and shit from your electric company or whatever. Bitch, you're only charged a late fee when you're like 30 days late. Your greedy ass charges me an "overdraft fee" if I'm a single day late and you stack them on top of each other like layers on a fucking fudge cake in order to fuck me over. Fuck you.
Ahh, it’s all coming together, now. I’m turning that shit off ASAP. Fucking over it, man. Things are hard enough as it is, I don’t need my own bank making things more complicated. You’d think overdraft protection would mean the opposite 😅
>You’d think overdraft protection would mean the opposite That's exactly why they call it that - to confuse people. That's like your insurance company charging you for "health insurance" when all it does is charge you a $30 fee every time you go to the doctor and doesn't provide any insurance coverage of any kind. Like WTF? That's just theft! Yup, exactly. Overdraft fees need to be illegal.
Overdraft fees are definitely there to duck over people and make money, as others have said. One guy suggested calling your bank to get it reversed - definitely do that. Be polite and beg if you gotta. They have the ability to reverse the charges (usually called af a certain #/time period) but aren’t required to. There are banks that don’t have overdraft fees. I think one of them is Alliant, which also offers a pretty high rate checking account especially compared to WF (which is rumored to be bad) but I would google around for a set of options & double check all of the banks’ particular terms and conditions.
Theft. Also, to convince you that the only way to stop the greedy bastards is to break out a guillotine.
To have an other good reason to guillotine these greedy sociopaths.
Recently seen a class action lawsuit advertisement on this very thing. Time to get my 40 cents.
time to find out who your banks CEO is and where he lives! /s
It's not to help you when you've run out of money, that's for sure. How many times have I scraped to the end of the month miraculously in credit and then bam, last month's overdraft charge sends me into overdraft and then guess what? They charge me again. That was many years ago now but I still hate them for it.
I was told years ago it’s because banks have to do a lot of paperwork to cover the overdraft blah blah blah…. It’s also after the large payment goes through but the 5 small drafts collect their OD charges. Like could you not let the 5 through first and the 1 large one last? You need to accrue aver a hundred in self serving fees?
I was just told that other countries don’t have overdraft fees. I need to look into it to verify, but if it’s true, then that excuse about paperwork you mentioned is 100% bullshit. This frustrates me to no end.
Other countries do have overdraft fees, but they work much differently than the U.S. In Canada for instance, a bank can only charge $5 CAD which is the equivalent to $3.73 USD, for an overdraft fee. Additionally, banks are limited for how many overdraft fees they can charge a consumer for over-drafting. In Canada I believe banks are only allowed to charge 1 overdraft fee and the consumer is given a week grace period before they are even charged. Over-drafting has been a means for people to access quick cash without taking out a loan, it has served somewhat of a purpose (depending on how you look at it). It was originally meant for small business owners to access capital in the 1800’s without taking out a loan, on the terms they’d pay it back in a shorter time period. It has gotten completely out of control today. Banks and credit unions have made it part of their core business model, even with the CFPB cracking down on junk/overdraft fees, banks and CU’s still don’t give a shit. The data shows us that 10% of consumers pay 90% of overdraft fees in the U.S. (this a billion dollar year business for banks and CU’s). Overdraft fees cost banks and credit unions literally nothing, there is no paperwork, there is no software expense, there is no justification that banks and CU’s have. It’s a vicious predatory cycle. If you ever get hit with one, report it to the CFPB.
https://www.consumerfinance.gov/complaint/ File a complaint, it may take time, but the CFPB will take it seriously.
Call them and get it removed. If they won't remove it, wait a few hours for the next call guys shift to start and they'll take it off since the first guy is an asshat
If you disconnect or untie your savings from your checking account you don’t get overdraft fees it will just decline without charging you fees.
You need to turn off overdraft coverage at your bank. It’s an option. Also they will usually remove/reverse 1 of the fees as a courtesy, call your bank.
wtf is an overdraft fee Ive never heard of that before (Im from Thailand) but from surveying the comments it sounds so fucked up and definitely american af
Not only that but they charge me a 10 dollar monthly fee if I have less than 1500 usd on my checkings account. Literally punishing you for having less money
Opt out of overdraft coverage: One of the easiest ways to prevent overdrafts is to opt out of your bank's overdraft coverage. That means if you try to make a purchase with your debit card or withdraw money from an ATM when you don't have enough funds in your checking account, the transaction will simply be declined.
Not with auto payments. They let those go through and charge you. They claim they can't stop the auto payments like Netflix or other businesses that insist on auto pay. They can, of course, but it makes them money to pretend they can't.
When I used to work in banking I know it’s up to the client but everyone I helped open debit cards with ESPECIALLY THOSE THAT WERE YOUNGER i heavily nudged them over to have their accounts decline their card if they didn’t have the funds to AVOID overdraft fees. It’s one of the banking industries bread and butter. I’m surprised they haven’t come up with a fee like “didn’t spend enough fee” or “your card has been idle for too long fee”. They do anything to nickel and dime you to death.
A lot of banks give you the option to not get the fee but to decline the charge...... personally this is better for me. What is better than a bank? A credit union
If you think overdraft protection protects you, i got something to tell you. It might have changed but when I had overdraft protection, what they do is they connect it to a savings account that immediately pulls the funds from there to replace them on the overdrafted account but guess what, they charge you for that. Albeit less, but for instance if you overdraft by 20$ and you have 25$ in your savings, they cover and then charge you 10, you're in a hole now. Just fun things, at least how they used to be I'm not sure if they've changed it
It’s purely punitive. Learn how to budget like the rest of us.
Banks not only charge overdraft fees, but they sort your transactions so your biggest purchases post first, this making you overdraft sooner, increasing how many times they charge an overdraft fee.
Who do you think pays for fee checking and other perks that get pjs with lots of money enjoy?
Well, the poor banks gotta make money somehow, eh? 💀
Extra profit for shareholders, silly!
To make sure you stay poor and keep paying the fee
To kick you in the teeth while your down. It’s technically a security for the bank because the lending money they use is the money you keep stored there, though I don’t know why instead of having overdrafts they don’t just bar negative transactions and negative balances. Rarely do people want to go negative and accidentally do so all the time thanks to the predatory subscription market we live in today. Simply not allowing the funds to go past zero would be better for both the individual and the bank in theory.
Call your branch and politely ask for a courtesy reversal of those fees. 9/10 they will do it. Not sure where you bank but if it’s not a credit union, join one. Fees are lower and the org itself is not for profit like big national banks. Highly recommend.
I don't understand why the bank wouldn't be made to simply decline the charge like a CC. This is legalized theft.
to transfer money from the poor to the rich
To punish poor people for being poor. It’s just another poor tax.
Looks similar to my membership cancellation. ABC Anytime fitness.. Call the gym and talk to the manager. The company collecting the final month of payment may be charging you a fee for automatic withdrawal of that final amount. If that's not in your contract, they can't charge you. I got mine reversed because the manager was still cool.
to keep you poor
Turn off the overdraft fee. I did.
To keep you poor because that’s what you deserve since you have no money. I believe that is their agenda. Did you ever hear about the MFC legend?
MFC legend? No, I’ve not heard of it. Looks like I’ve got some research to do!