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
- Banks Making $17B A Year From Fees For Overdrafts & Insufficient Funds
- Chase Customers Can No Longer Use Credit Cards As Backup Funding For Overdrafts
- Banks Turned Account Overdraft Fees Into $11.16B In Revenue Last Year
- CFPB To Banks: Offer More “No Overdraft” Checking Accounts, Provide Accurate Credit Information
- Taco Bell Refunds Customer After App Billing Disaster Causes $210 of Overdraft Fees