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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
by 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 agoThey 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 agoThe law was changed to forbid this, though that's not to say they don't sometimes still "allow" it to happen.