this post was submitted on 23 Oct 2023
1567 points (98.3% liked)
Funny
6581 readers
76 users here now
General rules:
- Be kind.
- All posts must make an attempt to be funny.
- Obey the general sh.itjust.works instance rules.
- No politics or political figures. There are plenty of other politics communities to choose from.
- Don't post anything grotesque or potentially illegal. Examples include pornography, gore, animal cruelty, inappropriate jokes involving kids, etc.
Exceptions may be made at the discretion of the mods.
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
No because 12%(?) interest on overdrawing your account by $1 is a lot less than a $35 flat fee. If you overdraw your account you’re basically asking for a loan for the negative balance. It makes more sense to charge like you would for a loan.
I had a bank with “overdraft protection” before. It was basically a $500 line of credit that was activated if you overdrew. The interest rate was terrible, though.
To me that’s reasonable. If the interest was 20%. That’s better than the fee. The fee if calculated at an interest rate is robbery.