475
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 17 Jan 2024
475 points (98.6% liked)
News
36384 readers
1245 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious biased sources will be removed at the mods’ discretion. Supporting links can be added in comments or posted separately but not to the post body. Sources may be checked for reliability using Wikipedia, MBFC, AdFontes, GroundNews, etc.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source. Clickbait titles may be removed.
Posts which titles don’t match the source may be removed. If the site changed their headline, we may ask you to update the post title. Clickbait titles use hyperbolic language and do not accurately describe the article content. When necessary, post titles may be edited, clearly marked with [brackets], but may never be used to editorialize or comment on the content.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials, videos, blogs, press releases, or celebrity gossip will be allowed. All posts will be judged on a case-by-case basis. Mods may use discretion to pre-approve videos or press releases from highly credible sources that provide unique, newsworthy content not available or possible in another format.
7. No duplicate posts.
If an article has already been posted, it will be removed. Different articles reporting on the same subject are permitted. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners or news aggregators.
All posts must link to original article sources. You may include archival links in the post description. News aggregators such as Yahoo, Google, Hacker News, etc. should be avoided in favor of the original source link. Newswire services such as AP, Reuters, or AFP, are frequently republished and may be shared from other credible sources.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 2 years ago
MODERATORS
The issue isn't necessarily the amount. People shouldn't overdraw their accounts and it seems prudent for the banks to charge for giving you an impromptu quick loan.
The issue is how fees are applied. Let's say someone overdrew their account for $100. To get there, they had six miscellaneous debits totaling $75, and their rent check, which all hit their account on the same day. Rather then settle it in time order, they decide to settle the largest first, under the theory that customers want their largest checks to have the best chance of clearing in this situation. But the rent check puts them under, incurring a fee, but then when all six miscellaneous debits hit, they each incur a fee also! If the fee is $30, that's $210 just in fees! Even at $3, though, that customer is still paying $21 in fees. But if they processed the rent check last, the account would have only overdrawn once.
If used to be that if there wasnt enough money in the account, the check bounced. Maybe we should go back to that. But if people want overdraft protection, the bank should be limited to just one charge in a statement period. Then they can keep it at $30, but customers don't risk escalating fees just because of the order in which banks process charges.
In case you, or others run into this in the future, know that cash (at almost every bank) posts to your checking account immediately. So for our situation if you were able to go back time and do this again, go into the bank and do a cash withdraw from savings, get the cash in hand, then hand it right back to them as a cash deposit to checking.
Nobody wants to risk escalating fees, but these escalating fees amount to 18, rather than $150.
This is a positive step forward