Under very, very limited circumstances, maybe. Like you need gas to get to work now, get paid tomorrow, and have nothing in your account? Yeah, maybe, but that’s an expensive tank of gas for someone that’s that short on cash.
OTOH, I can’t count the number of times where my former bank processed my paycheck last–even though it went in first–and then hit me with overdraft fees for buying groceries, gas, paying bills, etc. (This was National City Bank; they ended up losing a class action lawsuit about it, but they still made more money from their theft than they had to pay back out.)
IMO, there should be zero overdraft fees; if the money isn’t in your account, the charge is declined. All of this shit should be done in real-time, instead of waiting for a merchant to post at the end of the day. This is the twenty-fucking-second century, and it’s not that goddamn hard.
Or even better, make banks immediately start treating any negative balance as a credit. There can be a low limit, but enforce a low interest rate. For all that banks have done to us, I feel like this is literally the least they can do—and shit, they’d still turn more profit.
Under very, very limited circumstances, maybe. Like you need gas to get to work now, get paid tomorrow, and have nothing in your account? Yeah, maybe, but that’s an expensive tank of gas for someone that’s that short on cash.
OTOH, I can’t count the number of times where my former bank processed my paycheck last–even though it went in first–and then hit me with overdraft fees for buying groceries, gas, paying bills, etc. (This was National City Bank; they ended up losing a class action lawsuit about it, but they still made more money from their theft than they had to pay back out.)
IMO, there should be zero overdraft fees; if the money isn’t in your account, the charge is declined. All of this shit should be done in real-time, instead of waiting for a merchant to post at the end of the day. This is the twenty-fucking-second century, and it’s not that goddamn hard.
Or even better, make banks immediately start treating any negative balance as a credit. There can be a low limit, but enforce a low interest rate. For all that banks have done to us, I feel like this is literally the least they can do—and shit, they’d still turn more profit.
Upsetting to hear banks don’t get any better a century from now. Good luck to you future man.
What’s funny is that it looked odd when I read it, but I just quickly brushed it off as a “well you don’t see it written often.”