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Banks need it /s (lemy.lol)
submitted 7 months ago* (last edited 7 months ago) by King@lemy.lol to c/whitepeopletwitter@sh.itjust.works
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[-] oocdc2@kbin.social 10 points 7 months ago

I'm hoping you forgot the /s, but just in case you're not from the US: no, it's built into almost every financial institution's terms and conditions, at least in my experience. I had to get my mother a pre-paid credit card because she would overdraft regularly, and the bank had no solution. The pre-paid just declines payment, like the good old days.

[-] shalafi@lemmy.world 5 points 7 months ago

Did you specifically ask the bank to disable overdraft protection? They can be really weaselly about turning it off. They HAVE to turn if off. By law.

https://www.fdic.gov/resources/consumers/consumer-news/2021-12.html

In general, for debit card transactions at ATMs or at merchants, consumers must opt-in, or agree up front, that the bank can charge you an overdraft fee for any debit card transaction that overdraws the account. If you don’t opt-in, you can’t be charged a fee. However, your bank may refuse your purchase if it will overdraw your account.

[-] MindSkipperBro12@lemmy.world 5 points 7 months ago

Strange, I’m an American and my bank lets me opt out of it.

[-] can@sh.itjust.works 3 points 7 months ago

Opt out of overdraft protection or opt out of the ability to be overdrawn at all?

[-] MindSkipperBro12@lemmy.world 1 points 7 months ago

Opt out of being able to overdraft all together, if you spend more than you have, it’ll just deny the transaction.

this post was submitted on 25 Jan 2024
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