Honestly if I were in danger of overdrafting with a purchase, I would rather the transaction be denied rather than have the bank do me a favor and “spare me the embarassment” of having my card decline. If someone doesn’t have $4 in their checking account to cover the purchase their morning coffee, what makes a bank think they will be able to cover the $28 racked up in overdraft fees? What even bothers me more are so called “overdraft protection” accounts which still charge you a fun little fee for the “convenience” of transfering money from your linked savings account. I just don’t understand the world we live in.
More From Consumerist
- Many Americans Still In The Dark About Overdraft Fees & Other Bank Practices
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- CFPB Report: Typical Overdraft Situation Is Comparable To Small-Dollar Loan With 17,000% Interest Rate
- Report: Overdrafting Just A Little Or A Lot Has The Same Negative Consequences For Consumers’ Accounts
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