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Banks need it /s (lemy.lol)

submitted 9 months ago* (last edited 9 months ago) by King@lemy.lol to c/whitepeopletwitter@sh.itjust.works

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[–] Justas@sh.itjust.works 42 points 9 months ago (4 children)

Something something most of Europe does not allow you to overdraft your account and people get by just fine something

[–] dangblingus@lemmy.dbzer0.com 17 points 9 months ago (2 children)

But clearly you guys have less freedom than Americans, because that's what American TV told me.

[–] Zink@programming.dev 2 points 9 months ago

The right to be exploited is sacred to us!

[–] Justas@sh.itjust.works 0 points 9 months ago

That heavily depends on the country, but in general you have to ask for permission rather than forgiveness.

[–] CalicoJack@lemmy.dbzer0.com 14 points 9 months ago (2 children)

A lot of US banks also have that as an option, people opt in to "overdraft protection" anyway. The banks make it sound like a safer option, instead of the predatory practice it normally is.

[–] brygphilomena@lemmy.world 16 points 9 months ago

I've had them turn it off, and then one day they just... Did it again. Bastards don't even respect that because they think they know better.

[–] Cornelius_Wangenheim@lemmy.world 7 points 9 months ago

Many banks straight up do not allow you to turn off overdraft protection. The bank I had before moving to a credit union did that.

[–] LwL@lemmy.world 2 points 9 months ago

I don't see the issue with overdrafting, just why the hell do you guys have a flat fee for it instead of just exorbitant interest rates? Even 50% interest doesn't cost much if it's for overdrafting a few hundred for 3 days because i lost track of how much money is in my main bank account.

The one time overdrafting cost me anything close to significant money is when I thought my account had overdrafting allowed but then my bank reverted a transaction because apparently all previous instances were just them "tolerating it". My PC died and I wanted a new one asap, but the money for that was on my savings account, so I figured I'd just go to like -300 for 1 or 2 days. Nope, bank takes the money back, amazon makes me pay like 20€ of fees, and I have to deal with the bureaucracy of it all. At least I got my PC parts quickly anyway.

Overdrafting with a sane system is just even more expensive credit card debt.

[–] HerbalGamer@sh.itjust.works -5 points 9 months ago

people get by just fine

debatable but otherwise the point stands.