4 ms·

Can US bank accounts get overdrawn? If they can the intermediary doesn’t help it just gives you debt and bank charges.

• larsrc 4y ago
  Oh, boy, can they ever! And the fees can be hefty. Even with a credit union back in the early 2000s, we were talking $10 _per day_, I don't expect it has gotten any cheaper.
• prirun 4y ago
  Yes, and banks routinely charge $35 for each transaction on an overdrawn account. This is particularly easy to do if multiple people share a bank account with a low balance.
  • AlexandrB 4y ago
    They also sometimes sequence transactions largest to smallest when settling to maximize the number of charges[1]. [1] https://www.forbes.com/sites/halahtouryalai/2013/06/11/yes-banks-are-reordering-your-transactions-and-charging-overdraft-fees/?sh=9d87026daa36 https://www.forbes.com/sites/halahtouryalai/2013/06/11/yes-b...
    • bombcar 4y ago
      The law was changed to forbid this, though that's not to say they don't sometimes still "allow" it to happen.