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I used the poor to defeat the poor
(lemmy.world)
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this post was submitted on 23 Oct 2023
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My bank let me bond $100 of my own money specifically to protect against overdraft charges. I'd only need to pay them if I went over the $100 overdraft protection. Yall need to stop banking with these giant multinational places and go local
My bank has a system where overcharging a checking account can pull from a linked savings account to avoid overdrafts.
Instead of a $35 overdraft fee, you get charged $10 for the intense labor they do of transferring the money for you. /s
It’s really hard to find a bank that will treat you like that. I have a credit union that has a $500 “buffer” you can hit in an overdraft. No fees other than a very low interest charge. Basically a tiny loan that incurs no charge if you pay it off right away. Real overdrafts they do charge for, unfortunately.
I mean, I get that that's something. But that only sounds very slightly better than overdraft fees in the first place.
"Pay us now, and when you go over it's fine unless it's more than you paid us"
But the thing is, overdrafting that small amount isn't even significant to a bank. They mostly use the ability to overdraft as an excuse to impose a fee. They can and do deny charges that they don't think they can impose a fee for.
So it kind of sounds like your bank just tricked you into paying ~3 of those fees up front with the promise that they won't charge you more unless they have to.
There are banks out there that don't charge overdraft fees at all. Capital one stopped recently. They just threaten to close your account when it sits negative for too long.
I should probably note that the $100 value was set by me. I could've bonded any amount as overdraft protection but $100 seemed like a safe amount. I don't disagree that overdraft fees are scams regardless, but it's definitely better than the alternative IMO