Now - all that being said, it is very important to point out that this only applies to non-recurring card-based transactions. If you are not enrolled in overdraft protection services, then the transaction would simply be declined, and that's that.
This service could be a line of credit, or it could transfer money automatically from another linked account (like a savings account, or a credit card), and usually there's a fee associated with that money transfer as well, but smaller than the overdraft fee would be.
If you are have overdraft protection in place, if you overdraft your account, then the service would kick in to pay for the overdraft to prevent you from receiving a fee, and to prevent the item from being returned unpaid. Also, you have to be able to easily unenroll at any time as well. The bank cannot automatically enroll you in those services, you have to agree to it specifically. Even on recurring things like Netflix.Īs part of Dodd-Frank, a banking customer has to specifically opt-in to any overdraft protection services. If I'm at $1,999 and I try to charge $2, they reject it-and there are never any overdraft charges. and strangely I see the exact opposite with my one and only credit card. When a large bill came in later that month it caused my account balance to be ~$-2,900 with one $30 overdraft fee. I accidentally typo'd a transaction amount on my personal account and transferred $1,000 instead of $100. I'm older now and earn a lot more money-but I accidentally ran into the same situation a few weeks ago. My suspicion is that it's a "tax" on the poor and not any sort of federal law.
Strangely enough they would start denying transactions after getting to some random amount around $-250-even if they were recurring. One said "it's federal law", and another one said "recurring charges can't be stopped unless you cancel your debit card". I asked why not, and most of them said "I don't know". I asked the tellers to stop allowing money out if there wasn't enough balance to cover it, and their reply was "we can't do that". An occasional charge would come through that I forgot to budget for-say $30, and the bank would happily pay it, charge me a $30 overdraft fee, and my bank account would now have $-40. When I was young and poor I regularly had under $25 in my account after paying bills.
0 kommentar(er)
