this post was submitted on 25 Jan 2024
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Something something most of Europe does not allow you to overdraft your account and people get by just fine something
But clearly you guys have less freedom than Americans, because that's what American TV told me.
The right to be exploited is sacred to us!
That heavily depends on the country, but in general you have to ask for permission rather than forgiveness.
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.
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.
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.
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.
debatable but otherwise the point stands.