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I was once hit with a $35 overdraft fee three days in a row for buying a cup of coffee at Starbucks. I was really pissed off... at myself, for not staying on t

by jmulho 9y ago

I was once hit with a $35 overdraft fee three days in a row for buying a cup of coffee at Starbucks. I was really pissed off... at myself, for not staying on top of my bank balance. I don't consider the bank evil for enforcing terms I agreed to.

Chirael 9y ago
It's also often possible to set up low balance alerts including text and email. It's one of the first things I look for when setting up a new bank account (at any bank) - right after turning on 2FA of course.
- johnpowell 9y ago
  I got a overdraft about 6 years ago and when I went into the bank to sort it out they said if I want they can just turn off overdrafts so the card will be simply declined. I use a credit union.
  - deleted 9y ago
    [deleted]
influx 9y ago
I'm all for personal accountability, but these banks have also intentionally "mis-ordered" transactions to make it that you hit multiple overdraft fees. http://www.wisebread.com/banks-manipulate-your-transactions-may-charge-you-1750-overdraft-fee http://www.wisebread.com/banks-manipulate-your-transactions-...
untog 9y ago
I don't think your punishment for buying an expensive luxury coffee is the main complaint people have with overdraft fees. There are plenty of people who do monitor their balances. Obsessively. Because they have to, because they live just above the poverty line. Overdraft fees punish those people, often for things out of their control (having to take a sick day when you don't get sick pay, for example. Or just not getting enough hours given to you in the first place!), punishing their loss of money by... taking away even more of their money. This is more of a debate about society than the specific products a bank offers, but you being daft enough to pay $35 for a Starbucks coffee isn't really comparable to the lives these people live, and the vicious cycle things like overdraft fees can land them in.

by jmulho 9y ago

Chirael 9y ago

It's also often possible to set up low balance alerts including text and email. It's one of the first things I look for when setting up a new bank account (at any bank) - right after turning on 2FA of course.

johnpowell 9y ago
I got a overdraft about 6 years ago and when I went into the bank to sort it out they said if I want they can just turn off overdrafts so the card will be simply declined. I use a credit union.
- deleted 9y ago
  [deleted]

influx 9y ago

I'm all for personal accountability, but these banks have also intentionally "mis-ordered" transactions to make it that you hit multiple overdraft fees. http://www.wisebread.com/banks-manipulate-your-transactions-may-charge-you-1750-overdraft-fee http://www.wisebread.com/banks-manipulate-your-transactions-...

untog 9y ago

I don't think your punishment for buying an expensive luxury coffee is the main complaint people have with overdraft fees. There are plenty of people who do monitor their balances. Obsessively. Because they have to, because they live just above the poverty line. Overdraft fees punish those people, often for things out of their control (having to take a sick day when you don't get sick pay, for example. Or just not getting enough hours given to you in the first place!), punishing their loss of money by... taking away even more of their money. This is more of a debate about society than the specific products a bank offers, but you being daft enough to pay $35 for a Starbucks coffee isn't really comparable to the lives these people live, and the vicious cycle things like overdraft fees can land them in.