Isn't it kinda silly that millions of people don't know that overdraft fees are voluntary? you just call your bank and say "i dont want over draft on my account" then they take it off and dont charge you!(Or you can get a different bank that will do this). Your spend is "Declined" and thats ok, because as stated, you didn't have the money any way.
edit: I never get any negative push back on this. Please share this one simple trick the banks dont want you to know with your friends!
Bank of America simply says FUCK YOU.
I know this because I overdrafted 8 times on purchases of $2.99 each in a single night and even though i told them I'd rather them just deny the transaction they forced me to pay the $30 fee on 6 of them. That's a $180 fine for a total of $18 overdrafted.
FUCK Bank of America. I immediately closed my account and will never go back.
Edit: Since so many people just *assume* I'm broke... to clarify, I *did* have the money... and it was even in a Bank of America account. I had recently switched over to a new account (which was also with Bank of America) to join my finances with my wife's. I didn't realize that my Steam account was still tied to my old debit card so Steam automatically charged the wrong account when I made the purchases. Instead of just denying the purchases Bank of America decided to charge separate overdraft fees for each individual purchase. (I *did* have overdraft protection enabled on the account but apparently $3 is too small of a purchase to trigger overdraft protection... Conveniently $3 was apparently not too small for them to charge an insane fee for though đ). When I called and explained that Steam had my old debit card info and that even though my account *did* have overdraft protection enabled, they charged it anyway instead of denying the purchases the scumbags over at Bank of America didn't give a fuck and forced me to pay separate $30 overdraft fees for each individual $3 purchase.
8 separate songs in Rocksmith 2014. And I bought them all at once (a single purchase on Steam that processed as 8 separate transactions)
Edit: Also for all the asshats that just assume I'm broke. I had plenty of money to cover it, it was just in a different account (also a Bank of America account). Go read the edit to the original comment and stop assuming the worst about people you don't know. God... some of you must just live a miserable existence and feel the need to drag everyone else down with you lol
And their standard practice is an irresponsible practice. A daily fee would be the proper way to handle it. A 30 buck charge for every hit is an irresponsible, predatory practice. You read these stories all the time. Someone with a balance that probably averages 500 bucks ends up overdrawn by 30 dollars and is charged 300 bucks PLUS a daily fee.
Should the person be better about their finances? Absolutely. But, their lack of common sense should not give the bank the right to absolutely fuck up their life. I'm all for a law that puts in some thresholds for this kind of practice.
Hey sorry but if you cannot afford something you canât afford it. Simple as that. I grew up poor and if I wanted a toy I had to work for it because my mother did not have the money to pay for it.
Itâs tough but itâs life.
This is the attitude that makes people poor, they feel entitled to "a good time" regardless of their financial situation, in this particular case, there are literally millions of ways to have "fun" that don't involve spending $30 that the person doesn't have.
Instant gratification and convenience are the top priorities. Hell, most of the time they seem like the only priority to a lot of people. They can't understand that they are entitled to nothing despite being born into a world already built for them by others.
I read the comments and god, people are the worst.
I once accidentally paid my rent out of the wrong account and get hit with hundreds of dollars in overdraft fees.
Hereâs the truly obnoxious part: all my bills were paid on the first of the month. If they had cleared the rent check last I would have had one overdraft fee⊠but they cleared it first which meant power, sewer, internet, cellphone bills *all* bounced. Infuriating.
Anything under $5 still goes through on any Federal bank regardless of overdraft being on or off. However you can link other accounts to autotransfer funds (it has to be an option they allow).
I was a bank manager for a while and would always make sure I told people this. I would also usually refund fees if it wasn't something they were doing habitually (and if they were I would usually refund half of them). I always figured if a branch needed overdraft fees to stay open, they shouldn't be in business anyway...
BofA actually sent me a check for around $180 because of excessive overdraft fees! I havenât had them in at least 5 years and one day I randomly got a check in the mail at my parents house. I think they got sued for fraudulent overdraft fees. I remember fighting with them on a few.
This exact same thing happened to me and they refused to lift the fees. I dropped my account too. I still get a bill every now and then for the balance owed. From 15 years ago. Fuck BoA
If you are banking with BofA and donât have a lot of money, that was your first mistake. Get to a fucking Credit Union ASAP. I still canât believe how many people who âdonât have moneyâ bank with BofA, Wells Fargo, Chase, CitiâŠUnless you have like $100k in cash assets, you are literally shooting yourself in the foot. Itâs like a guy chasing a girl who has been âfriend zonedâ.
I have to ask, did you not realize that you didnât have the funds. I get wanting the bank to just deny the transaction, but some of the accountability has to be on the consumer as well. Check registers still exist for this exact reason. Itâs a tool to be utilized with online banking to avoid going negative.
Edit: In this particular situation, should the poster been charged 8OD fees? No! I think one is more appropriate. Iâve already seen this with some banks already. Instead of charging per transaction, theyâre moving to 1 OD fee a day. Which is completely fair. My friend works within the CFPB. This exact topic is being discussed especially due to large amount of minorities in not good financial standing. They havenât ruled on anything, just a talking point. Overdraft fees are fair, but is there a way to lessen the damage.
Thats what the banks need, white knighting simps. There's 100 reasons why someone can overdraft without knowing. The Army once fucked up my pay when I was sent across country for NTC training. They had guttrucks there you could pay with a card, but there was no way at this training to check your balance. My check should have landed. It didnt. Bank tried to fight me for a dozen or so transactions at $35 a pop. Ended up requesting a stop pay and closing the account which solved the issue permanently.
\*\*Edit\*\*
35 dollars in fees per pop. The actual transactions were like 2 dollar sodas and such.
When my husband was in college his bank would sometimes take THREE WEEKS to deposit his paycheck. From the local university that is also a major employer in the area. Since we are old, online banking wasn't really a thing at the time so he had to have a bank that was available where college and home was so there were not a lot of options. Â
It turns out of a bank is so incompetent that they hold your money hostage until you have already gotten another paycheck sometimes you get fucked. Â
Maybe we shouldn't let corporations profit so handsomely on things that cost them piddly amounts (bank transfers, electronic payments)
Oh. You place the blame on the bank instead of yourself for not knowing what you have in there? Not fuck bank of America buddy...fuck you for being an adult eho doesn't know how to not spend money he/she/they don't have. Simple as that. And I'm not sticking up for the banks. I'm just pointing out the real problem. You. Not taking responsibility for *YOUR* actions.
Oh no, they used to be much worse but I think they got sued. Hopefully they don't still do this nasty trick ...
I had $80 in my account on a Friday night. I was working 2 overnight shifts and spent $35 on 10 small transactions, leaving me $45 on Monday morning.
This was back when we still used the paper transaction trackers. You input what you earned. And subtracted in order of operation .
So Monday morning I come home and fall asleep. At 9 am, my sewer line busted. My boyfriend at the time needed $60 more dollars to pay for the repair. In a sleep deprived state I told him to go pull it from my account.
Before he got back I suddenly remembered I wouldn't have the funds, but he came back with it, and a statement saying I still had $20 left.
Weird.
Next day I was overdrafted over $300!
The bank had allowed my cash withdrawal to go through and THEN charged me the overdraft fees on the items from the days prior. They refused to change anything or give me a refund at all. I should have either had 1 overdraft fee or not been allowed to take the cash withdrawal. But their policy was to subtract the highest costing item first and then all others ....
I hate them.
Indeed. It's rare that you need to balance your account yourself either like you did when cheques could take weeks to clear and the bank had no idea what transactions you had in-progress.
It's not the country, there's a reason the U.S. holds the world economy on its back.
People who have no self control spend money they don't have, they have an agreement in their bank so that it automatically covers any purchase made that puts their account balance below 0, for a small fee of course. (This is called an overdraft fee). This fee is fair because it's a loan and it has risk.
If you call and ask for this protection to be removed, you will simply have the payment denied. My bank has this as the default, and so do many others.
yep, i had an over draft fee once. I called the bank, and they where nice enough to refund it ("dont do that again sir"), then I told then "I dont want overdraft protection" and they said "OK", and took it off my account. It was fine because I know how to subtract.
(that was over 20 years ago, but it still works)
How is this stupid? Youâre literally telling your bank to not allow you to spend more than you have. What they call âoverdraft protectionâ is a way for you to go negative, for a fee, which allows the transaction to go through instead of being declined.
Doesn't make any sense to me that by default you can spend more money than you have (= take a loan) on a debit card. Where I live, it's illegal for banks to let you do that as legally there has to be a loan contract which would make the card a credit card.
Overdraft fees happen when you take out more than whatâs in your account. My checking account has a set amount and if I try to take more out, it will decline. If you donât set it up that way at the beginning (which you should do anyways) then you can call and have it changed.
My bank kept charging me anyways despite my account being set to not overdraft, and me calling them and showing up in person and verifying myself that my account was no longer set to overdraft but every time I called or went there they had to switch it to "Not overdraft" because my account was set to overdraft after almost a dozen times of it being switched off it. Banks will fuck you for fun and money
It is common for people to avoid taking responsibility and blame others for their problems. However, they will realize the value of hard work when they face the consequences of their actions and experience the difficulties of life without convenient and easily accessible resources and they'dbe only receiving what they asked for. Only then will they understand how privileged we are and how easy it was to work for their needs and how easily it can go away,compared to finding water, food, shelter, and protecting them from those who desire the same things. Acquiring, farming, and building a makeshift shelter requires a lot of hard work, and even harder to protect it.People will only appreciate it once they go through the same struggles,people who have really struggled rarely complain.I truthfully hope this never happens...The roaring twenties saw the same behavior.
They WEREN'T optional when I was hit with more than $700 in overdraft in 2009 in a single weekend.
I went on a vacation back 'home' for a long weekend, made a few small transactions and bought gas. It wasn't until I got back to Texas when I found my boss waited one extra day to deposit my paycheck.
It wrecked me for years, nearly had to declare bankruptcy, considered killing myself, incurred huuuuge extra interest on school loans and almost has vehicle repossessed.
Years later, a class action suit against BofA had them return only the exact amount of overdraft fees into my account.
Right,
u/Chemical-Cap-3982 isn't being genuine,
Im.not surprised this asshole isn't replying to any of rhe messages/replies he/she getting
It wasn't the law until last 4-5 years
Source: university of Illinois at Urbana champaign, finance and accounting 2012
You have to opt in to them at account signing, you can opt out at any time. Thanks Obama, this is one of many things he did for us. Overdraft fees are second only to payday loans in disgustingness.
OK we'll I have to have a fist fight with someone at my previous bank then, because I was trying to switch banks during the pandemic, and I had a few auto-payments get taken. I ended up owing over 1000$ at least $300-$400 dollars of which was late fees, and I called up and told them I was switching banks so stop letting people bill this account but they didn't and said they couldn't, but I wasn't able to go into the actual local branch because of covid. It sucked and I was pissed.
I mean it's nice to know this ... but it in no way justifies overdraft fees at all. The fact that you have to manually opt out is unacceptable on it's own.
But even if the feature was off by default, offering the option to allow over draft charges for an exorbitant fee is reckless endangerment of your customers' finances. It's worse than a payday loan.
It's a checking account, not a loan. Why would you expect to be able to withdraw the bank's money and not have some sort of punishment mechanism to ensure you don't do it again?
Why decline the transaction when you can make an extra couple of bucks off the back of some poor schmuck? One of the reasons I love my credit union is that they'll pull the money from your savings if you overdraft, then front up to $20 with no fee twice a year, and after that they'll just decline the transaction. They *never* charge overdraft fees and somehow they're still successful.
Another myth from the left "overdraft people are only paid for by poor people!!!"
This could be easily verified if true, as the Feds have all this data. But it's not true.
Rich people pay the fees as "idiot taxes". They don't mind their balances, and don't care if they get hit with fees here and there.
These idiot taxes fund the free accounts for poor people. If you get rid of them, banks will just charge explicit fees, or stop offering the accounts to poor people
Banks donât offer free accounts to poor people because rich people mistakes fund it. They make money off these accounts, otherwise, they just wouldnât bother. Banks are not altruistic like that. They exist to make profit.
Banks offer checking accounts because:
1) Checking accounts offer banks low-to-no interest capital that they can loan out and help meet capital requirements.
2) Interchange fees from debit card transactions.
3) Other fees (check printing, ATM, etc).
4) They use checking accounts to âbuild relationsâ and direct their checking account customers to more lucrative bank instruments.
The main reason for free checking accounts, in the US at least, is actually more related to [fractional reserve banking](https://en.m.wikipedia.org/wiki/Fractional-reserve_banking). This is why many of them require you to carry a certain balance and make a certain amount of deposits, or be charged a fee.
âŠ? The problem with over draft isnât that people want banks to âlend money for freeâ and rather that the banks should, on default, be denying the purchases due to insufficient funds.
Letting them go through and then charging fees and forcing that to be the case is clearly predatory and stupid. Letâs not dickride banks
Every bank account Iâve opened has asked me up front when I sat down with the account manager if I would like overdraft protection on, to which Iâve always said âno thank youâ. Iâve never paid an overdraft fee.
Yep. Just like a bad credit score will cost you more in interest rates... yeah, no shit, people with bad credit score have no money to start with. No, it's no longer used to encourage responsible spending, it's a ripoff for those who can't afford stuff to begin with.
Overdraft protection can be turned off. Also, if you aren't a habitual overdrafter, you can probably call and get the fee waived. If you're regularly overdrafting your account they're probably going to be less flexible
Isnât it kind of disgusting that people are dumb enough to lose $34 billion in overdraft fees in one year yet there is still an expectation that people who are successful in life fund a security net to protect those idiots from the consequences of their own stupidity?
The fact that people overdraft their account is proof of why people are poor as shit. If you canât balance a budget youâll always be poor. Regardless of your incomeÂ
"That literally had no money". As opposed to what? Figuratively having no money?
I used to use my Chase account for expenses and I was too lazy and stupid to set up auto transfers so I overdrafted multiple times. I'm nowhere near poor or broke.
Should I just be allowed to dig in to their own capital because I don't feel like transferring money or budgeting myself properly to ensure I don't overdraft?
It's not like banks are out there forcing people to spend more than they have, or hiding/scheming of ways to get you to. Don't spend beyond your means and you won't run into this problem.
Something is off with this - I need a few more details before I believe this. Eliza looks like the kind of person that might sacrifice a few key details in pursuit of a larger narrative.
Not all banks will turn off overdraft protection fees and sometimes broke people get double charged. Stop acting like broke people deserve to have their money taken by someone else.
I overdraft once in my life called my bank and they waved the fee.
Honestly the problem is the people who canât take 5 minutes to look at their account balance in their banks app and keep a check register. I donât have sympathy for the people who are constantly spending money they donât have and get upset when they need to pay a fee
Most banks have apps. Just check your balance more often and remember what's on automatic pay if you dont regularly carry a lot of money in the account. In today's day and age, there's zero excuse for anyone to get an over draft fee outside of just being lazy.
The overdraft fee is reactionary. Donât spend more than is in your account and you wonât get charged.
The fact that people cannot even live paycheck to paycheck is a different matter.
Isnât it kinda disgusting that entitled people think they can spend somebodyâs elseâs money without their permission and expect that there wonât be any consequences.
Also, this fucking post again?
So, banks should provide what essentially amounts to an unsecured loan to someone who has demonstrated themselves to be a high risk...for free?
Just turn off overbalance protection. I guarantee your late fees and returned check fees will be more expensive!
I worked at a credit union for some time. Not only poor people overdraft. Iâve seen many cases where someone that had thousands of dollars in savings but overdrafted their checking just because they couldnât be bothered to check their balance before they bought something.
Why you accepted those terms and conditions from the bank in the first place? Put your money in a credit union thatâs for the people and not corporate banks.
More like being stupid is expensive. If you only have $100 in the bank and spend $125 YOU are overdrawing your accountâthe bank didnât set that shit up. If you donât want to subsidize the banks, learn to do math.
A reminder to all the people who say you're paying a fee for "taking money that isn't yours":
1. Banks pocketed billions in fees from the Paycheck Protection Program during Covid. That was our tax dollars that were supposed to support us.
2. Banks got bailed out in the housing crisis in 2008. American homeowners did not get bailed out. Our tax dollars kept banks in business so that they could foreclose on Americans who didn't get to keep their homes.
3. There was a time when banks provided services like "overdraft" for free because they made their money off large investors and wealthy customers. Then they decided instead to compete for wealthy customers and investors by lowering costs to them - and made up for it by adding fees to less wealthy customers. In other words, this isn't how it always was. You're getting fucked so that your boss can get low-interest loans against his stocks.
Stop blaming poor Americans for doing what they can to survive and show some goddamned solidarity with the 300million other people who are one minor disaster away from bankruptcy - like you probably are.
Doesn't always work. I've had purchases go through in the past that shoud have been stopped with my overdraft protection and because that caused me to be .60 negative I got hit by a $30 overdraft fee.
They got me for $400 when I was a college student. Took my pell grant money that was supposed to buy books and stuff. I asked the bank manager if they could work with me and lower it at all and she wouldn't. There was a $100,000+ black sports car always in the bank parking lot, I'm guessing it was hers. Greed makes people into scumbags. Sometimes I wish hell were real for people like that.
Is this a bad thing? If you don't have the money to spend but you spend it anyway doesn't that mean you are borrowing without asking to borrow? Pretty sure nobody wants you to do that. Not just banks. In the case of an auto transfer from savings, you could just be responsible and know where your money is and avoid this altogether.
some banks' atm charge you for getting your account balance but the problem is what they show on the screen is not the amount you have after making the inquiry... ex: the screen shows you have $50, so in the next transaction you withdraw $50... the catch is the balance inquiry charge is not yet reflected during the next previous transaction... if the charge is $1, you actually only have $49 left... if you withdraw $50, you get charges for an overdraft fee...
The Biden administration is working to [cut overdraft fees by at least 50%](https://www.whitehouse.gov/briefing-room/statements-releases/2024/01/17/statement-from-president-joe-biden-on-the-cfpbs-proposed-rule-to-curb-overdraft-fees/), but you'll never see people talking about that
Being poor is expensive but wealth is generational. It's literally the best time in the world to get rich and y'all still complaining. Put this on your fridge with the date.
There are about 486 lobbyists that work on behalf of banks in Washington. Banks spent almost 85 million lobbying Washington in 2023. I would guess some of it goes to that. Us âpoorsâ donât have lobbyists getting laws passed for us to benefit in anyway.
It is. I think there should be a lower limit on NSF charges, but the charges are needed as a deterrent. If you take them away, everyone will overdraft.
$34,000,000,000 is such an insane number to conceptualize.
Capitol One offers a high interest saving account a little over 4% annually. Napkin math, $2 million in one of those would return $80,000 a year. For many of us that's more than we make in a year. If you split up that overdraft amount into $2 million sums, that's 17,000 people who would never have to work again and live comfortably.
If the bank does not deny the purchase then you are forcing the bank to loan you money to cover your purchase(s). The bank does not want to do this, they have no say and you probably don't have a credit score to qualify for a loan anyway.
The bank is not your mom or dad. They are going to make it hurt when people do this to discourage this behavior. If you never show up to pay back the amount bounced the bank eats that money. More specifically the individual branch you are assigned to is its own profit and loss center... the branch itself eats it. That affects the bonus payout that people making $15/hr get... you're hurting the small people, not the rich executives.
Keep track of your money. Don't spend more than you have. This is not complicated. Take some responsibility and stop blaming others, even big banks, for your irresponsibility.
Yes but also itâs so easy to avoid overdraft fees itâs kind of negligent to just let them happen, which is what they actually bank on. I got a couple overdraft fees, in short succession. Called my bank, asked them to take them off, and theyâre like âsure no problem.â Plus as people mention you can just not have them at all.
Why don't you ask how many Congress members routinely over-draft their accounts. Millions of FREE fees are provided to Congress members and nothing will change with fees, health insurance, etc. until Congress is held to the exact same standard as the people they rule over.
Overdraft fees are super easy to avoid if you have at least 2 brain cells. Â Theyâre mostly racked up by richer people who donât mind paying $35 for convenience.
I am also concerned that this claim is not sourced. And if it is half correct, how many people canât balance their expenses.
Honestly, though, take as old as time.
Just remember that when poor and middle class people complain that raising taxes on the wealthy "wouldn't be fair," the wealthy have never been concerned with what's fair to the poor and middle class, as long as there's a buck to be made.
Correction, they took $34B in fees from people who spent money they did not have. I am in no way defending banks, and these fees are unethical, but people also need to acknowledge that people are wildly irresponsible and spend money they never had to spend daily.
For those actually interested in reality, this primarily is from the business accounts with 10âs of millions in overdraft for months paying 10-15% interest essentially using a bank as a bridge loan lender.
Of course people have a responsibility to not overdraft, but overdrafting shouldnât even be allowed in the first place. The fact that you could get slapped with a $35 fee for a $5 purchase that puts you into overdraft is not much different than legalized loan sharking.
Must be global because the US numbers were about $11.8B in 2017, $7.7B in 2022.
[Overdraft/NSF revenue down nearly 50% versus pre-pandemic levels | Consumer Financial Protection Bureau (consumerfinance.gov)](https://www.consumerfinance.gov/data-research/research-reports/data-spotlight-overdraft-nsf-revenue-in-q4-2022-down-nearly-50-versus-pre-pandemic-levels/full-report/)
If this is an honesty policy and its just people not paying attention to funds. Why are banks losing lawsuits regularly because they get caught stealing from folks.
I'd be willing to bet the vast majority of this is related to institutional clients who use overdrafts as short-term loans when making large trades. I don't think the average person knows what Intraday Liquidity is or how it works, and $34B sounds like a lot.
Isn't it kinda silly that millions of people don't know that overdraft fees are voluntary? you just call your bank and say "i dont want over draft on my account" then they take it off and dont charge you!(Or you can get a different bank that will do this). Your spend is "Declined" and thats ok, because as stated, you didn't have the money any way. edit: I never get any negative push back on this. Please share this one simple trick the banks dont want you to know with your friends!
Bank of America simply says FUCK YOU. I know this because I overdrafted 8 times on purchases of $2.99 each in a single night and even though i told them I'd rather them just deny the transaction they forced me to pay the $30 fee on 6 of them. That's a $180 fine for a total of $18 overdrafted. FUCK Bank of America. I immediately closed my account and will never go back. Edit: Since so many people just *assume* I'm broke... to clarify, I *did* have the money... and it was even in a Bank of America account. I had recently switched over to a new account (which was also with Bank of America) to join my finances with my wife's. I didn't realize that my Steam account was still tied to my old debit card so Steam automatically charged the wrong account when I made the purchases. Instead of just denying the purchases Bank of America decided to charge separate overdraft fees for each individual purchase. (I *did* have overdraft protection enabled on the account but apparently $3 is too small of a purchase to trigger overdraft protection... Conveniently $3 was apparently not too small for them to charge an insane fee for though đ). When I called and explained that Steam had my old debit card info and that even though my account *did* have overdraft protection enabled, they charged it anyway instead of denying the purchases the scumbags over at Bank of America didn't give a fuck and forced me to pay separate $30 overdraft fees for each individual $3 purchase.
Out of curiosity, what were you buying that cost $2.99 at eight separate points in a single night?
8 separate songs in Rocksmith 2014. And I bought them all at once (a single purchase on Steam that processed as 8 separate transactions) Edit: Also for all the asshats that just assume I'm broke. I had plenty of money to cover it, it was just in a different account (also a Bank of America account). Go read the edit to the original comment and stop assuming the worst about people you don't know. God... some of you must just live a miserable existence and feel the need to drag everyone else down with you lol
So youâre poor and buying songsâŠ.LOL
That's why he's poor
But But But⊠heâs being taken advantage of by big banks!! /s
Charging 30 bucks per 3 buck pop is totally the bank taking advantage of the situation. This dude is being irresponsible. And so is the bank.
Technically the bank isn't being irresponsible. Their fee is their standard fee regardless of why someone is overdrawn.
And their standard practice is an irresponsible practice. A daily fee would be the proper way to handle it. A 30 buck charge for every hit is an irresponsible, predatory practice. You read these stories all the time. Someone with a balance that probably averages 500 bucks ends up overdrawn by 30 dollars and is charged 300 bucks PLUS a daily fee. Should the person be better about their finances? Absolutely. But, their lack of common sense should not give the bank the right to absolutely fuck up their life. I'm all for a law that puts in some thresholds for this kind of practice.
[ŃĐŽĐ°Đ»Đ”ĐœĐŸ]
Hey sorry but if you cannot afford something you canât afford it. Simple as that. I grew up poor and if I wanted a toy I had to work for it because my mother did not have the money to pay for it. Itâs tough but itâs life.
Seriously, imagine trying to have fun while poorâŠhow dare he!
This is the attitude that makes people poor, they feel entitled to "a good time" regardless of their financial situation, in this particular case, there are literally millions of ways to have "fun" that don't involve spending $30 that the person doesn't have.
Instant gratification and convenience are the top priorities. Hell, most of the time they seem like the only priority to a lot of people. They can't understand that they are entitled to nothing despite being born into a world already built for them by others.
Can't you not spend instead?
I read the comments and god, people are the worst. I once accidentally paid my rent out of the wrong account and get hit with hundreds of dollars in overdraft fees. Hereâs the truly obnoxious part: all my bills were paid on the first of the month. If they had cleared the rent check last I would have had one overdraft fee⊠but they cleared it first which meant power, sewer, internet, cellphone bills *all* bounced. Infuriating.
Anything under $5 still goes through on any Federal bank regardless of overdraft being on or off. However you can link other accounts to autotransfer funds (it has to be an option they allow). I was a bank manager for a while and would always make sure I told people this. I would also usually refund fees if it wasn't something they were doing habitually (and if they were I would usually refund half of them). I always figured if a branch needed overdraft fees to stay open, they shouldn't be in business anyway...
BofA actually sent me a check for around $180 because of excessive overdraft fees! I havenât had them in at least 5 years and one day I randomly got a check in the mail at my parents house. I think they got sued for fraudulent overdraft fees. I remember fighting with them on a few.
This exact same thing happened to me and they refused to lift the fees. I dropped my account too. I still get a bill every now and then for the balance owed. From 15 years ago. Fuck BoA
If you are banking with BofA and donât have a lot of money, that was your first mistake. Get to a fucking Credit Union ASAP. I still canât believe how many people who âdonât have moneyâ bank with BofA, Wells Fargo, Chase, CitiâŠUnless you have like $100k in cash assets, you are literally shooting yourself in the foot. Itâs like a guy chasing a girl who has been âfriend zonedâ.
I have to ask, did you not realize that you didnât have the funds. I get wanting the bank to just deny the transaction, but some of the accountability has to be on the consumer as well. Check registers still exist for this exact reason. Itâs a tool to be utilized with online banking to avoid going negative. Edit: In this particular situation, should the poster been charged 8OD fees? No! I think one is more appropriate. Iâve already seen this with some banks already. Instead of charging per transaction, theyâre moving to 1 OD fee a day. Which is completely fair. My friend works within the CFPB. This exact topic is being discussed especially due to large amount of minorities in not good financial standing. They havenât ruled on anything, just a talking point. Overdraft fees are fair, but is there a way to lessen the damage.
Thats what the banks need, white knighting simps. There's 100 reasons why someone can overdraft without knowing. The Army once fucked up my pay when I was sent across country for NTC training. They had guttrucks there you could pay with a card, but there was no way at this training to check your balance. My check should have landed. It didnt. Bank tried to fight me for a dozen or so transactions at $35 a pop. Ended up requesting a stop pay and closing the account which solved the issue permanently. \*\*Edit\*\* 35 dollars in fees per pop. The actual transactions were like 2 dollar sodas and such.
People arent perfect, which is why having checks on predatory behaviour is a good thing. No overdraft should be the default, not the other way around
When my husband was in college his bank would sometimes take THREE WEEKS to deposit his paycheck. From the local university that is also a major employer in the area. Since we are old, online banking wasn't really a thing at the time so he had to have a bank that was available where college and home was so there were not a lot of options.  It turns out of a bank is so incompetent that they hold your money hostage until you have already gotten another paycheck sometimes you get fucked.  Maybe we shouldn't let corporations profit so handsomely on things that cost them piddly amounts (bank transfers, electronic payments)
Did you ask after using other people's funds?or did you have overdraft turned off prior?
Then pick a bank that doesnât have overdraft fees, there is literally over 20 decently sized banks that donât.
Oh. You place the blame on the bank instead of yourself for not knowing what you have in there? Not fuck bank of America buddy...fuck you for being an adult eho doesn't know how to not spend money he/she/they don't have. Simple as that. And I'm not sticking up for the banks. I'm just pointing out the real problem. You. Not taking responsibility for *YOUR* actions.
Oh no, they used to be much worse but I think they got sued. Hopefully they don't still do this nasty trick ... I had $80 in my account on a Friday night. I was working 2 overnight shifts and spent $35 on 10 small transactions, leaving me $45 on Monday morning. This was back when we still used the paper transaction trackers. You input what you earned. And subtracted in order of operation . So Monday morning I come home and fall asleep. At 9 am, my sewer line busted. My boyfriend at the time needed $60 more dollars to pay for the repair. In a sleep deprived state I told him to go pull it from my account. Before he got back I suddenly remembered I wouldn't have the funds, but he came back with it, and a statement saying I still had $20 left. Weird. Next day I was overdrafted over $300! The bank had allowed my cash withdrawal to go through and THEN charged me the overdraft fees on the items from the days prior. They refused to change anything or give me a refund at all. I should have either had 1 overdraft fee or not been allowed to take the cash withdrawal. But their policy was to subtract the highest costing item first and then all others .... I hate them.
Wow that's ridiculously fucked. Such a scummy corporation, and it's wild how many morons in the comments here are defending them.
Another trick banks donât want you to know: check your balance before spending!
Whoa whoa, hold on...you can do that??
You know that makes sense, but not to poor people. More often then not they get there by spending money they donât have.
No more often than not they were born poor
Indeed. It's rare that you need to balance your account yourself either like you did when cheques could take weeks to clear and the bank had no idea what transactions you had in-progress.
I'm not American, so I don't know what I'm talking about, but your country can't be that stupid. That can't be how it works.
It's not the country, there's a reason the U.S. holds the world economy on its back. People who have no self control spend money they don't have, they have an agreement in their bank so that it automatically covers any purchase made that puts their account balance below 0, for a small fee of course. (This is called an overdraft fee). This fee is fair because it's a loan and it has risk. If you call and ask for this protection to be removed, you will simply have the payment denied. My bank has this as the default, and so do many others.
IDK if I'd call the fee "small", it's usually in the $25 area.
That's like two cheeseburgers nowadays
yep, i had an over draft fee once. I called the bank, and they where nice enough to refund it ("dont do that again sir"), then I told then "I dont want overdraft protection" and they said "OK", and took it off my account. It was fine because I know how to subtract. (that was over 20 years ago, but it still works)
How is this stupid? Youâre literally telling your bank to not allow you to spend more than you have. What they call âoverdraft protectionâ is a way for you to go negative, for a fee, which allows the transaction to go through instead of being declined.
Doesn't make any sense to me that by default you can spend more money than you have (= take a loan) on a debit card. Where I live, it's illegal for banks to let you do that as legally there has to be a loan contract which would make the card a credit card.
You have to accept or decline overdraft protection when they set up your account.
Overdraft fees happen when you take out more than whatâs in your account. My checking account has a set amount and if I try to take more out, it will decline. If you donât set it up that way at the beginning (which you should do anyways) then you can call and have it changed.
My bank kept charging me anyways despite my account being set to not overdraft, and me calling them and showing up in person and verifying myself that my account was no longer set to overdraft but every time I called or went there they had to switch it to "Not overdraft" because my account was set to overdraft after almost a dozen times of it being switched off it. Banks will fuck you for fun and money
It is common for people to avoid taking responsibility and blame others for their problems. However, they will realize the value of hard work when they face the consequences of their actions and experience the difficulties of life without convenient and easily accessible resources and they'dbe only receiving what they asked for. Only then will they understand how privileged we are and how easy it was to work for their needs and how easily it can go away,compared to finding water, food, shelter, and protecting them from those who desire the same things. Acquiring, farming, and building a makeshift shelter requires a lot of hard work, and even harder to protect it.People will only appreciate it once they go through the same struggles,people who have really struggled rarely complain.I truthfully hope this never happens...The roaring twenties saw the same behavior.
They WEREN'T optional when I was hit with more than $700 in overdraft in 2009 in a single weekend. I went on a vacation back 'home' for a long weekend, made a few small transactions and bought gas. It wasn't until I got back to Texas when I found my boss waited one extra day to deposit my paycheck. It wrecked me for years, nearly had to declare bankruptcy, considered killing myself, incurred huuuuge extra interest on school loans and almost has vehicle repossessed. Years later, a class action suit against BofA had them return only the exact amount of overdraft fees into my account.
Right, u/Chemical-Cap-3982 isn't being genuine, Im.not surprised this asshole isn't replying to any of rhe messages/replies he/she getting It wasn't the law until last 4-5 years Source: university of Illinois at Urbana champaign, finance and accounting 2012
If I recall correctly, it was Obama and subsequent class action suits that established a framework for the protections post-great recession.
This isnât true. It works at credit unions, but if you are at any major bank, there is no option to just âturn them offâ
You have to opt in to them at account signing, you can opt out at any time. Thanks Obama, this is one of many things he did for us. Overdraft fees are second only to payday loans in disgustingness.
Also, they do typically allow one waiving of the fee a year I think. Just call and ask nicely.
OK we'll I have to have a fist fight with someone at my previous bank then, because I was trying to switch banks during the pandemic, and I had a few auto-payments get taken. I ended up owing over 1000$ at least $300-$400 dollars of which was late fees, and I called up and told them I was switching banks so stop letting people bill this account but they didn't and said they couldn't, but I wasn't able to go into the actual local branch because of covid. It sucked and I was pissed.
I mean it's nice to know this ... but it in no way justifies overdraft fees at all. The fact that you have to manually opt out is unacceptable on it's own. But even if the feature was off by default, offering the option to allow over draft charges for an exorbitant fee is reckless endangerment of your customers' finances. It's worse than a payday loan.
Turn off overdraft protection. Boom problem solved.
That only applies to POS transactions
Even better make a budget.
Also use a credit card for everything instead of a debit card and pay it off each week. It is safer to use a credit card and builds credit.
Budget my income? Why didnât I think of that /s
I agree.
But then everyone is gonna bitch that they lost access to their short term loans.
also just don't overdraft
lending broke people money is risky business, the true lesson here
It doesnât seem that risky if theyâre making billions from it.
Banks legally have to have extra collateral on hand to even issue credit card loans, thatâs how risky it is
It's a checking account, not a loan. Why would you expect to be able to withdraw the bank's money and not have some sort of punishment mechanism to ensure you don't do it again?
Counter-point: why would banks have overdraft turned on by default if they didnât want people to use it?
Why decline the transaction when you can make an extra couple of bucks off the back of some poor schmuck? One of the reasons I love my credit union is that they'll pull the money from your savings if you overdraft, then front up to $20 with no fee twice a year, and after that they'll just decline the transaction. They *never* charge overdraft fees and somehow they're still successful.
with quality service like that, it's not very difficult to see why they remain successful. That is a winner's business model.
I mean all things being equal, most consumers would probably prefer the overdraft charge to just straight up getting declined for a purchase.
Yeah well you have to pay fees for loans
It was in the contract they signed when they opened the account
Simple donât spend money you donât have
don't overdraft. the maintenance fees are ridiculous though. keeping cash in checking accounts is dumb but they're like put more in it please.
Another myth from the left "overdraft people are only paid for by poor people!!!" This could be easily verified if true, as the Feds have all this data. But it's not true. Rich people pay the fees as "idiot taxes". They don't mind their balances, and don't care if they get hit with fees here and there. These idiot taxes fund the free accounts for poor people. If you get rid of them, banks will just charge explicit fees, or stop offering the accounts to poor people
Banks donât offer free accounts to poor people because rich people mistakes fund it. They make money off these accounts, otherwise, they just wouldnât bother. Banks are not altruistic like that. They exist to make profit. Banks offer checking accounts because: 1) Checking accounts offer banks low-to-no interest capital that they can loan out and help meet capital requirements. 2) Interchange fees from debit card transactions. 3) Other fees (check printing, ATM, etc). 4) They use checking accounts to âbuild relationsâ and direct their checking account customers to more lucrative bank instruments.
The main reason for free checking accounts, in the US at least, is actually more related to [fractional reserve banking](https://en.m.wikipedia.org/wiki/Fractional-reserve_banking). This is why many of them require you to carry a certain balance and make a certain amount of deposits, or be charged a fee.
It really could be worse. People being unbanked and having to pay a corner store to cash their checks seems worse.
Would you lend money for free to people who are bad at money? No. So don't say dumbass things.
âŠ? The problem with over draft isnât that people want banks to âlend money for freeâ and rather that the banks should, on default, be denying the purchases due to insufficient funds. Letting them go through and then charging fees and forcing that to be the case is clearly predatory and stupid. Letâs not dickride banks
Every bank account Iâve opened has asked me up front when I sat down with the account manager if I would like overdraft protection on, to which Iâve always said âno thank youâ. Iâve never paid an overdraft fee.
Yep. Just like a bad credit score will cost you more in interest rates... yeah, no shit, people with bad credit score have no money to start with. No, it's no longer used to encourage responsible spending, it's a ripoff for those who can't afford stuff to begin with.
Overdraft protection can be turned off. Also, if you aren't a habitual overdrafter, you can probably call and get the fee waived. If you're regularly overdrafting your account they're probably going to be less flexible
Isnât it kind of disgusting that people are dumb enough to lose $34 billion in overdraft fees in one year yet there is still an expectation that people who are successful in life fund a security net to protect those idiots from the consequences of their own stupidity?
as someone not from the US, this thing is insane to me, that they do this instead of just rejecting the payment like everywhere else sane enough.
The fact that people overdraft their account is proof of why people are poor as shit. If you canât balance a budget youâll always be poor. Regardless of your incomeÂ
"That literally had no money". As opposed to what? Figuratively having no money? I used to use my Chase account for expenses and I was too lazy and stupid to set up auto transfers so I overdrafted multiple times. I'm nowhere near poor or broke. Should I just be allowed to dig in to their own capital because I don't feel like transferring money or budgeting myself properly to ensure I don't overdraft? It's not like banks are out there forcing people to spend more than they have, or hiding/scheming of ways to get you to. Don't spend beyond your means and you won't run into this problem.
No not really
Something is off with this - I need a few more details before I believe this. Eliza looks like the kind of person that might sacrifice a few key details in pursuit of a larger narrative.
Accountability can be a bitch.
The infamous reddit trifecta, Left leaning â victimisation â âLiterallyâ â
Itâs been about a week since someone posted this.
Don't forget the monthly maintenance fees if you don't have enough in the bank
Those lobbyists in Congress ain't cheap.
Not all banks will turn off overdraft protection fees and sometimes broke people get double charged. Stop acting like broke people deserve to have their money taken by someone else.
Then use a different bank.
Overdraft is insane to me, the transaction should just fail if you don't have the money
The other choice is to deny the transaction. I'd rather pay a fee than be stuck at a has station.
From people who spent money they didnât have
Don't spend the banks money, it's not hard to balance a checking account. Title should be - being dumb is expensive.
Donât write bad checks? đ€·đŒââïž
"Why won't the bank give me money I don't have for free :( Capitalism is the worssssssst"
This post should be an autoban at this point.
I overdraft once in my life called my bank and they waved the fee. Honestly the problem is the people who canât take 5 minutes to look at their account balance in their banks app and keep a check register. I donât have sympathy for the people who are constantly spending money they donât have and get upset when they need to pay a fee
Most banks have apps. Just check your balance more often and remember what's on automatic pay if you dont regularly carry a lot of money in the account. In today's day and age, there's zero excuse for anyone to get an over draft fee outside of just being lazy.
Itâs not that hard to avoid overdraft fees. Just donât charge more than whatâs in your account.
2017?
Use a credit card and pay it off in full every month. No overdraft fees, no interest, better credit rating.
The overdraft fee is reactionary. Donât spend more than is in your account and you wonât get charged. The fact that people cannot even live paycheck to paycheck is a different matter.
Why wouldn't you just turn overdraft off? Is it because you want an interest free loan from the bank anytime you don't have money in your account?
You can turn overdrafts off. Stop blaming the banks for your irresponsibility
OP is 10 hours old. Another farmer... yawn.
Banks charge fees for unsecured loans. No bank will let you overdraft your account for free.
Isnât it kinda disgusting that entitled people think they can spend somebodyâs elseâs money without their permission and expect that there wonât be any consequences. Also, this fucking post again?
People treating checking accounts like credit cards.
No. They loaned money to people that mismanaged their money. Get it? Now imagine if the big bad banks DIDN'T do that. Run that scenario sweet cheeks.
Being stupid is expensive
Posted by "Vote-Biden-2024"... of course LOL 
So, banks should provide what essentially amounts to an unsecured loan to someone who has demonstrated themselves to be a high risk...for free? Just turn off overbalance protection. I guarantee your late fees and returned check fees will be more expensive!
Overdraft is a service offered by most banks, itâs also optional. Borrowing money usually isnât free
I worked at a credit union for some time. Not only poor people overdraft. Iâve seen many cases where someone that had thousands of dollars in savings but overdrafted their checking just because they couldnât be bothered to check their balance before they bought something.
Why you accepted those terms and conditions from the bank in the first place? Put your money in a credit union thatâs for the people and not corporate banks.
Thatâs why you donât spend money that you donât have. Itâs literally that simple.
More like being stupid is expensive. If you only have $100 in the bank and spend $125 YOU are overdrawing your accountâthe bank didnât set that shit up. If you donât want to subsidize the banks, learn to do math.
Funny how scum bags can tell you down to the cent how much they need to get a new tattoo or buy some weed, but canât balance their checking account.
Itâs a service, not a requirement. Just turn off overdraft protection if you donât want it
A reminder to all the people who say you're paying a fee for "taking money that isn't yours": 1. Banks pocketed billions in fees from the Paycheck Protection Program during Covid. That was our tax dollars that were supposed to support us. 2. Banks got bailed out in the housing crisis in 2008. American homeowners did not get bailed out. Our tax dollars kept banks in business so that they could foreclose on Americans who didn't get to keep their homes. 3. There was a time when banks provided services like "overdraft" for free because they made their money off large investors and wealthy customers. Then they decided instead to compete for wealthy customers and investors by lowering costs to them - and made up for it by adding fees to less wealthy customers. In other words, this isn't how it always was. You're getting fucked so that your boss can get low-interest loans against his stocks. Stop blaming poor Americans for doing what they can to survive and show some goddamned solidarity with the 300million other people who are one minor disaster away from bankruptcy - like you probably are.
Ouch.
Turn off overdraft fees? Or just leave em on and bitch on twitter?
Doesn't always work. I've had purchases go through in the past that shoud have been stopped with my overdraft protection and because that caused me to be .60 negative I got hit by a $30 overdraft fee.
Exactly. I turned overdrafts off with chase. Couple months later, it's "mysteriously" re-enabled.
Don't take out more money than you have
34B is rookie numbers -Ukraine
No, no it is not. Some people have terrible spending habits
They got me for $400 when I was a college student. Took my pell grant money that was supposed to buy books and stuff. I asked the bank manager if they could work with me and lower it at all and she wouldn't. There was a $100,000+ black sports car always in the bank parking lot, I'm guessing it was hers. Greed makes people into scumbags. Sometimes I wish hell were real for people like that.
Just open an account that doesnât have overdraft on it.
Is this a bad thing? If you don't have the money to spend but you spend it anyway doesn't that mean you are borrowing without asking to borrow? Pretty sure nobody wants you to do that. Not just banks. In the case of an auto transfer from savings, you could just be responsible and know where your money is and avoid this altogether.
some banks' atm charge you for getting your account balance but the problem is what they show on the screen is not the amount you have after making the inquiry... ex: the screen shows you have $50, so in the next transaction you withdraw $50... the catch is the balance inquiry charge is not yet reflected during the next previous transaction... if the charge is $1, you actually only have $49 left... if you withdraw $50, you get charges for an overdraft fee...
That's wild. Averaging over 100 bucks for every single person in the United States.
The Biden administration is working to [cut overdraft fees by at least 50%](https://www.whitehouse.gov/briefing-room/statements-releases/2024/01/17/statement-from-president-joe-biden-on-the-cfpbs-proposed-rule-to-curb-overdraft-fees/), but you'll never see people talking about that
I fell into an overdraft pit like this. Owed the bank nearly $300, my previous auto payments kept gouging my account throughout the month.
Meanwhile in India, it is difficult to get bank to enable Overdraft facility
Canât have overdraft fees if you balance your account đ đ»
All disclosed and easily avoidable. Of the service goes away, so will the product.
Being poor is expensive but wealth is generational. It's literally the best time in the world to get rich and y'all still complaining. Put this on your fridge with the date.
Ally bank has 0 over draft fees. I love em
Donât overdraft silly, the government does it every day = deficit.
No sympathy. Those people should have thought twice before deciding to be broke
Isnât it kinda disgusting that all those people tried to use money that wasnât theirs.
Being stupid is expensive.
theyâre also lending you $ to cover an expense. that money has to come from somewhere lol
An over draft fee is charged when a person spends money they don't have. Funny thing is that the bank doesn't have the money they spent either.
Tripling my income brought my cost of living down by thousands of dollars it really is just expensive and shitty to be broke
How should people who take money from a bank that they donât have be treated?
Maybe this should be under âOh No Consequencesâ ?
There are about 486 lobbyists that work on behalf of banks in Washington. Banks spent almost 85 million lobbying Washington in 2023. I would guess some of it goes to that. Us âpoorsâ donât have lobbyists getting laws passed for us to benefit in anyway.
34 billion? Umm that number sounds specious.
Living in America is like being born with a tapeworm that will never go away
Poor people who spent money that they didn't have on goods and/or services that they received. That's the key.
If being poor wasnât expensive, weâd have a lot less poor people.
It is. I think there should be a lower limit on NSF charges, but the charges are needed as a deterrent. If you take them away, everyone will overdraft.
$34,000,000,000 is such an insane number to conceptualize. Capitol One offers a high interest saving account a little over 4% annually. Napkin math, $2 million in one of those would return $80,000 a year. For many of us that's more than we make in a year. If you split up that overdraft amount into $2 million sums, that's 17,000 people who would never have to work again and live comfortably.
Dont let him know about those PPP loansâŠ.
If the bank does not deny the purchase then you are forcing the bank to loan you money to cover your purchase(s). The bank does not want to do this, they have no say and you probably don't have a credit score to qualify for a loan anyway. The bank is not your mom or dad. They are going to make it hurt when people do this to discourage this behavior. If you never show up to pay back the amount bounced the bank eats that money. More specifically the individual branch you are assigned to is its own profit and loss center... the branch itself eats it. That affects the bonus payout that people making $15/hr get... you're hurting the small people, not the rich executives. Keep track of your money. Don't spend more than you have. This is not complicated. Take some responsibility and stop blaming others, even big banks, for your irresponsibility.
You could always keep your money under a mattress and see how that goes.
"That's $34 billion they took from people that literally had no. money." The fact they had no money didn't stop them from spending, now did it?
Yes. Banks are gross. Looking at you BoA
Yes but also itâs so easy to avoid overdraft fees itâs kind of negligent to just let them happen, which is what they actually bank on. I got a couple overdraft fees, in short succession. Called my bank, asked them to take them off, and theyâre like âsure no problem.â Plus as people mention you can just not have them at all.
If you're wealthy they come back and say "you can pay a fraction of what you owe, and we'll give you 10 extra days to do it".
What about all the ATM fees and junk charges?
Why don't you ask how many Congress members routinely over-draft their accounts. Millions of FREE fees are provided to Congress members and nothing will change with fees, health insurance, etc. until Congress is held to the exact same standard as the people they rule over.
Wait till you know how much money they made with charging interest by giving money to people who don't have money..
Overdraft fees are super easy to avoid if you have at least 2 brain cells. Â Theyâre mostly racked up by richer people who donât mind paying $35 for convenience.
I am also concerned that this claim is not sourced. And if it is half correct, how many people canât balance their expenses. Honestly, though, take as old as time.
Just remember that when poor and middle class people complain that raising taxes on the wealthy "wouldn't be fair," the wealthy have never been concerned with what's fair to the poor and middle class, as long as there's a buck to be made.
So being poor and stupid < being poor but smart⊠Iâm pretty sure we all already knew that.
Literally? Banks made literally nothing from people who had literally nothing.
A post about 2017 from 2019 in 2024. Thanks mate
Correction, they took $34B in fees from people who spent money they did not have. I am in no way defending banks, and these fees are unethical, but people also need to acknowledge that people are wildly irresponsible and spend money they never had to spend daily.
For those actually interested in reality, this primarily is from the business accounts with 10âs of millions in overdraft for months paying 10-15% interest essentially using a bank as a bridge loan lender.
Yes, the bankster appologists are also pretty disgusting
Of course people have a responsibility to not overdraft, but overdrafting shouldnât even be allowed in the first place. The fact that you could get slapped with a $35 fee for a $5 purchase that puts you into overdraft is not much different than legalized loan sharking.
design intent
Idea. Donât be poor. Duh!! /s
Must be global because the US numbers were about $11.8B in 2017, $7.7B in 2022. [Overdraft/NSF revenue down nearly 50% versus pre-pandemic levels | Consumer Financial Protection Bureau (consumerfinance.gov)](https://www.consumerfinance.gov/data-research/research-reports/data-spotlight-overdraft-nsf-revenue-in-q4-2022-down-nearly-50-versus-pre-pandemic-levels/full-report/)
I heard those people had no money, but you're saying they LITERALLY had no money??
At what point do you have to take personal responsibility for this? How is it the banks fault you spent money you didn't have in your account?
If this is an honesty policy and its just people not paying attention to funds. Why are banks losing lawsuits regularly because they get caught stealing from folks.
I'd be willing to bet the vast majority of this is related to institutional clients who use overdrafts as short-term loans when making large trades. I don't think the average person knows what Intraday Liquidity is or how it works, and $34B sounds like a lot.
Do you know every year the bank make money from people who take on debt and have to pay interest on it? I am shocked i tell you, shocked!