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In Austria, you go negative, it's a loan. No penalties, just interest, if you don't fill it back up quickly. Reasonable interest. That seems like the sanest op
by ahoyhere 16y ago
In Austria, you go negative, it's a loan. No penalties, just interest, if you don't fill it back up quickly. Reasonable interest.
That seems like the sanest option to me. (I don't think it happens very often, either - Austrians don't use credit and they have a lot of savings on average.)
- StavrosK 16y agoThat's also much better than the overdraft ripoff, but I'd much rather not owe anyone. I guess the best thing would be for the bank to offer that option when opening the account.
- eli 16y agoIsn't that exactly what the new CARD Act requires all US banks to do?
- patio11 16y agoYou can get this in the United States, too. Get a checking account with ING Direct. I don't make a habit of overdrafting, but it has saved my bacon a few times when e.g. I forgot that a credit card payment and estimated tax payment both happened the day before my client's check cleared.
- bld 16y agoUS service members or their families can get the same with USAA. You can choose another account, credit card, or line of credit.
- jules 16y agoI can choose whether I want automatic loans or failed transactions.