The bank lent me $2m so I spent it on strippers and cars

Post by captn3m0 » Mon, Dec 19, 2016, 8:10 PM UTC

jjeaff wrote: post #234

gerbilly wrote: post #210

Earlier quoted context omitted.

>And if you’re overdrawing on a debit card, then you’re probably poor and those fees are a substantial burden. It's even worse than that. Banks have been caught reordering transactions to maximize overdraft fees.[1] For example, say you have a $100 in you account and you use your debit card to pay the following amounts (in time order): $4, $15, $60, $41. the first 3 will go through, then the last one $41 will put you…

I believe this practice is no longer allowed. But of course is still happening.

Post by dalore » Wed, Dec 21, 2016, 4:01 PM UTC

Decade wrote: post #178

poslathian wrote: post #156

Earlier quoted context omitted.

Overdraft lines of credit are definitely a thing and can be arbitrarily large depending on the account holder. My bank keeps trying to sell me this, I don't see why this would be a good idea. Does anyone here use this? Also, one time our old bank erroneously withdrew a 6 figure sum from our operating account which put the balance far in the negative. I was stunned that they covered it and bemused to see a 35$ overdra…

I used an overdraft line of credit once, accidentally. Then I turned it off. The bank salesman had sold it to me as “overdraft protection,” and at the time I didn’t know what “overdraft protection” meant, so sure, protection is good, right? I guess what they’re “protecting” you against is the embarrassment of having a rejected transaction. And then they charge the overdraft fee, and a fee for using credit, and more f…