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That's fairly common, most banks have "overdraft protection" that works exactly how you described.
by eclipxe 4y ago
That's fairly common, most banks have "overdraft protection" that works exactly how you described.
- galleywest200 4y agoCorrect. I called my bank and had them enable this for my debit card. They made sure to clarify that ACH transactions will still go through, however.
- mullingitover 4y agoI've used a credit union my whole adult life and they did't offer overdraft as an option. That's because it was automatically enabled by default. This is what banks would do if they weren't predatory.
- nomagicbullet 4y agoIt is not exactly the same thing. The commenter you are responding to is looking to avoid overdraft, not having an insurance on overdraft. I'd agree with the idea of avoiding overdraft entirely unless a customer signs up for it. I don't want transactions I can't afford to go through. I manage my accounts quite closely. For me such situation would be 99% an unintended transaction that I would like to cancel. By letting such requests go through, banks put the burden on the customers to clean up after a wrong or, in many cases, illegal transaction. YMMV.
- vorpalhex 4y agoOverdrafting IS opt-in. I had a bank charge me an overdraft fee. I asked them to show me my overdraft authorization. It's amazing how fast a bank can return money when they screw up.
- Spoom 4y agoI turned overdraft coverage off at my bank. You can turn it on and off on-demand through their website. If your bank won't let you do this, consider another bank.
- danielsju6 4y agoThen they charge $30 to reject the transaction, another $30 when you go "odd and try to swipe again", then extra money because you didn't have the $30 to cover the fee in your account, then recursively until you're $1200 in the hole and they're refusing to cover it.