Current Events > OVerdraft fees suck.

(+) Yeah! (+)

Doordash some how took out a lot more money then my order. I had a order that was about 20 dollars, and they charged me 300 dollars. So this put that particular account into over draft . And I am getting all of these other charges from by bank because of it. Lucky for me that account was just for paying stuff online and not my main account. So I can cover every thing.

But if I was truly poor and mistakenly overdrew my account. All of these extra fees that they threw on me would be killer.

Also my bank is taking its sweet time getting that overcharge off so that is irking me too. But fixing something like that I know can take time. Charging people who are in bad spot over and over is just mean.

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I absolutely hate when companies do that. It's like they're taking out a free loan on your account.

Overdraft fees are a poor-tax and really have no justification in modern society (other than just another revenue stream for entities which we already give all our money to anyway.)

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So, are you gonna get the fees waived?

I wouldn't just let DD double charge and cause their shit to overdraft. I would also turn off overdraft if you never use it.

Fuck corporations. Don't pay BS fees if you don't have to.

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jcmason posted...

Overdraft fees are a poor-tax and really have no justification in modern society (other than just another revenue stream for entities which we already give all our money to anyway.)

And this isn't a horrible bank.

When I was younger I had an account at bank in side of a walmart and they would charge for everything. It is hard being poor. Not only because you are poor , but because there are so many powerful places looking to take advantage of you.

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So when I was a teenager, I had a pretty bad experience with these fees.

basically I got gas on Friday and that overdrafted me, but it didnt show on my account until Monday.

so I worked every day over the weekend, bought lunch each shift, and ended up like $200 in the hole

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Whyvdoes anyone stay with a bank that has over draft fees? Most dont have them anymore

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Why not just opt out if overdrafting? For my bank account I set it so if I don't have enough money the card will decline. No way I'm gonna deal with mounting overdraft fees.

jcmason posted...

Overdraft fees are a poor-tax and really have no justification in modern society (other than just another revenue stream for entities which we already give all our money to anyway.)

Overdraft fees are definitely excessive, but the justification is that you are basically being given a high risk short term loan with every overdraft. This is the bank charging you for that loan.

The amounts are hard to justify, but in principle it makes sense
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Tonyjaa posted...

Why not just opt out if overdrafting? For my bank account I set it so if I don't have enough money the card will decline. No way I'm gonna deal with mounting overdraft fees.

Can still overdraft on checks and ACH, but yeah

And fwiw, you have to opt in to be able to overdraft on debit card/atm transactions
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Tonyjaa posted...

Why not just opt out if overdrafting? For my bank account I set it so if I don't have enough money the card will decline. No way I'm gonna deal with mounting overdraft fees.

g980 posted...

Can still overdraft on checks and ACH, but yeah

And fwiw, you have to opt in to be able to overdraft on debit card/atm transactions

It's different with every bank and it was a lot worse 10-15 years ago when it was on by default for everything. Those would still be on today.

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Always opt out of overdraft protection from banks when setting up an account.

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Tonyjaa posted...

Why not just opt out if overdrafting? For my bank account I set it so if I don't have enough money the card will decline. No way I'm gonna deal with mounting overdraft fees.

I am pretty good with my money do this has never been an issue . Until that massive over charge, from door dash. All for some cold fries.

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this is why i dont like giving companies access to one of my cards for automatic billing, its my money not theirs, i dont want them taking it without asking me first.

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cjsdowg posted...

All for some cold fries.

that actually happens frequently. i try ordering burger and fries from the pizza place. fries are cold. burger is lukewarm.
i could make my own for cheaper and have all the fries i want without any of it being cold.
costed 15$ with delivery charge

on topic. i once got a overdraft because i didn't disable amazon from taking a payment out of my bank account. lost 30$ almost if i didn't plead for mercy from the bank (had to put the money back the same day).
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And in this case she got lost at my office buidling. I even texted her do you need some help and it took her 20 freaking mins to text me back yes. all while she was in walking distant to me. I think I am just going to eat chips.

I don't have a lunch break some days so i have do door dash so since i can't leave. But that choice as messed up so much stuff.

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This is the main reason I use a credit card for every expense I possibly can. At least it's better than it used to be, though.

A long time ago, they used to process debits before credits. So if charges hit your account on the same day as a paycheck, they would take out the charges first. If you have 7 purchases that would be covered by the total in your bank account if your paycheck is included, then they would have you overdraft for those 7 purchases and give you 7 overdraft charges. Then they would credit your account with your paycheck afterward.

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CableZL posted...

This is the main reason I use a credit card for every expense I possibly can. At least it's better than it used to be, though.

Plus the cashback/points and perks they offer you earn on certain cards could save you hundreds of dollars a year or more.

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Prismsblade posted...

Plus the cashback/points and perks they offer you earn on certain cards could save you hundreds of dollars a year or more.
3

I have pretty good credit, would using a CC like that impact me. I am looking to get a house soon. I don't want to mess that up.

house then dog :0)

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cjsdowg posted...

I have pretty good credit, would using a CC like that impact me. I am looking to get a house soon. I don't want to mess that up.

house then dog :0)

Yes, because a hard inquiry will be done which will lower you're score by a few points for a time. It always reduces your overall credit history by half I believe.

So if you're plaining to buy a house in the near future I'd wait until after your purchase is finalized before doing so.

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Prismsblade posted...

Yes, because a hard inquiry will be done which will lower you're score by a few points for a time. It always reduces your overall credit history by half I believe.

So if you're plaining to buy a house in the near future I'd wait until after your purchase is finalized before doing so.

Thanks

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