3 ms·

You’re looking for a revolving credit line

• JumpCrisscross 4y ago
  > You’re looking for a revolving credit line Or an account that does not permit cheque writing and will bounce a transaction instead of letting it overdraft.
  • nicoburns 4y ago
    > Or an account that does not permit cheque writing and will bounce a transaction instead of letting it overdraft Seems like the problem might be that this system will also prevent people who have a bad reputation in it from getting one of these accounts?
    • JumpCrisscross 4y ago
      > this system will also prevent people who have a bad reputation in it from getting one of these accounts? Could. In practice, plenty of banks fill this niche [1]. [1] https://letmebank.com/banks-that-dont-use-chexsystems/ https://letmebank.com/banks-that-dont-use-chexsystems/
  • nullfield 4y ago
    This is the requirement now-affirmative consent/opt-in: https://www.nafcu.org/compliance-blog/overdraft-protection-members-affirmative-consent-and-opt-confirmation https://www.nafcu.org/compliance-blog/overdraft-protection-m... If they make it really easy for you to opt in/a quick checkbox then they can make money. That said if someone is living so tight and wants a transaction declined if their account doesn’t have the funds, the financial should make that easy and obvious to do. Behaving otherwise is predatory.