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Logging into online banking and finding I've been overdrafting for the last week (i.imgur.com)

submitted ago by needsmorepepper

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[–]konrad9 104 points105 points ago

Over draft is legally OPT IN. Turn it off.

[–]I_Magician 47 points48 points ago

Came here to post this. I work at a bank. If you opt out of the overdraft protection, when you make a purchase with your debit card it will simply deny it if you don't have funds to cover. No muss, no fuss, no fees.

You will need to check with your bank about what happens if you write a check though. I believe the same federal regulation that made debit card ODP opt in (can't remember what it's called at the moment) also says that a check that puts you into the negative will still be paid, it's just POS purchases that it denies. Reason being (basically) checks are usually used for bills and such that customers still want paid even with a fee, while card purchases are usually small transactions at stores that they would prefer be denied.

The reason I say to look into this is because my bank will let you opt out of ALL overdraft coverage, so even checks would be returned unpaid.

TL;DR: Opt out and talk to your bank.

[–]Munky92 9 points10 points ago

I work in a bank also, we have no overdrawing fees. NAB POWER!

[–]Caboose-1 6 points7 points ago

You did a few years ago.

Suffice it to say, my bank balance is very pleased with the change.

[–]David34343 6 points7 points ago

As a bank, I can confirm this

[–]RussianDoctorTrustU 0 points1 point ago

As a bank can you do an AMA please?

[–]Nab_Mctackle 0 points1 point ago

You called?

[–]adlauren 11 points12 points ago

Bank auditor here. Checks and recurring charges (autodraft) are automatically paid even if there are insufficient funds. One time debit card transactions and ATM withdrawal overdrafts have to be opted into by the customer. Federal regulation E 12 CFR 205.17 I believe.

[–]trippknightly 0 points1 point ago

Not quite auditor, audit thyself. They'll be paid subject to risk model assessment that the overdraft will be recovered. A 2 month customer with $1 in balances will bounce a $1 million check.

[–]adlauren 0 points1 point ago

I was talking about the type of item that must be opted into for overdraft payment per federal regulation. In terms of how banks elect to pay checks and recurring charges we only audit for two points; that the bank follow their own policies and that they properly disclose to customers at account opening and when the overdraft service is requested.

12 CFR 229 Reg CC actually governs acceptable check holds and makes exception for new accounts and accounts with nonpayment history, each with their own acceptable hold time and disclosures. I guess I should clarify that I'm a compliance auditor..evaluation of risk models is typically done in a full scope internal audit.

[–]I_Magician -1 points0 points ago

Thought so. Thanks for the clarification!

[–]aka_dev 2 points3 points ago

I do this. My bank just charged my account with three plus charges though and want me to pay $115 which all but $30 is fee's... O.o they even apparently charged me for a "14 Day Non Payment" fee after 3 days and I hadn't been notified yet.

Chase pisses me off with that.

[–]EpicLopez 2 points3 points ago

Chase will usually refund up to three overdraft fees within a 12 month period. Talk to a banker at your local branch. Probably shouldn't mention this, but they're going through a "customer experience" campaign, so Chase wants to make sure their clients are satisfied even if it means issuing refunds.

[–]aka_dev 1 point2 points ago

You my friend can have all my upvotes. I will contact them by going into my local branch. It is the failure to notify even though I have opted out of things that upsets me.

It has happened in the past as well but this time I just didn't even know it was going on. Thank you!

[–]Mikey129 0 points1 point ago

My bank is located in the Cayman Islands?

[–]whotookmycheese 0 points1 point ago

Sorry. I can't divulge information about that customer's secret, illegal account.

[–]YonderPosterior 0 points1 point ago

This. Exactly this. Not enough people know they can turn this service off. I used to have the worst problems with overdrafting until a kind associate of the bank I do business with informed me. Never had issues with anything I turned it off. It was a god send.

[–]weekendjedi42 0 points1 point ago

I work as a bank teller. You are correct that only POS purchases are opt in. Most banks are auto opt in with checks. Also many banks will charge the same fee for returning a check or paying it.

[–]zeitistjetzt 0 points1 point ago

my bank gave me a letter saying basically thus letter is to let you know that we will pay the overdraft for you. I wish I could find it. but I don't think it used the word overdraft and there was no fine print about fees or anything. so I did not think of it as an overdraft information letter. it really reads out as a "well cool thanks for covering for me" it must be a trick so I don't realize that your actually charged a fee like normal overdraft since it doesn't use that word

[–]rusty_mancouth 0 points1 point ago

Make sure you call and verify that the person actually did it too! BofA screwed me 3 times when I tried to opt out. The reps were either conniving or incompetent.

[–]GuyMumbles 0 points1 point ago

I opted to have my debt card be denied but a few weeks ago I charged something and went over. The bank took the money out of my savings and then charged me a pretty large fee for the transfer. When I first opened up my savings the bank told me that it would make a good backup and would just take funds out of it if I overdrafted. Needless to say that since things changed, Im probably going to just move my money to a credit union.

[–]hiphiphorray 0 points1 point ago

Are all online account balances in real-time or will it not include the pending transactions?

[–]LazLoe 0 points1 point ago

Sometimes no fees. One of my credit unions actually gives a fee even if you opt out of overdraft protection. They wont OD your account but still charge a fee.

I also can't fill gas with debit with less than $75 in the account.

I haven't been using that account..

[–]devosion 0 points1 point ago

Knowing this information, I now hate my bank with a clear and distinct passion. I had been unemployed for several months, and left with small amounts of money that I could deposit, thanks to family, problem is the bank charges you for having less than $300 in an account. I didn't realize this until I was in the negative at one point, and the money I had in my account, that was in there to pay an recurring payment, was gone. I ended up incurring the service charge fee, an nsf charge for 38.00 for a 9.95 payment, and an additional service charge for the 2nd month in which I had no funds to put into the account. In the end I was negative -65 off dollars, and they refused to waive another nsf charge because I had this problem occur earlier in the year. It pisses me off to no end that while sitting there and getting my account taken care of, and basically begging them to help me out on this, that they didnt even bother bringing up this money saving tip. Seriously Compass, fuck you big time. Im moving to a local bank and not looking back.

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    [–]mindaika 2 points3 points ago

    It is now, but it hasn't always been. Plus, banks have spent a lot of time and money tricking people into thinking they needed it.

    [–]Ihmhi 1 point2 points ago

    I loved when I got that letter from my bank.

    "Hey, if you want to continue our SUPER-AWESOME* Overdraft Protection, fill this form out now or we'll cancel it!"

    I took it out into the backyard and set it on fire.

     

    * Not actually super awesome. In fact, we're just going to rearrange deposit and withdrawal orders so it intentionally makes your account go in the red so we can collect those sweet, sweet $35 fees.

    [–]Devinity 0 points1 point ago

    That's weird, I never Opted In, and Citibank charges me for overdraft. They wouldn't turn it off when I asked them to as well.

    [–]konrad9 2 points3 points ago

    Then sue their fucking pants off.

    load more comments (1 reply)

      [–]Sobertese 226 points227 points ago

      Hey, looks like you used ALL your money, let us fix that by taking some more from your savings and transferring it to... Oh looks like you used all your savings now...

      Well here are some fees.

      Thanks for using bank

      [–]cheezit_the_feds 55 points56 points ago

      "Fuck you and have a wonderful day. We hear Ramen is on sale this week!"

      [–]JimmyKeepCool 27 points28 points ago

      We've gone ahead and made sure you can't even afford the Ramen. You're welcome.

      [–]ONXwat 16 points17 points ago

      If it was legal, we'd take your wallet. And your pants. Oh, and you owe us 25 dollars.

      [–]JimmyKeepCool 14 points15 points ago

      At least the checking accounts are free*

      *Requires minimum monthly deposit of $1,000

      [–]L1berty4All 5 points6 points ago

      Whose bank doesn't offer free checking?

      [–]OurNameIsLegion 4 points5 points ago

      Several, nowadays. I had to go get my account changed with Wells Fargo last year because I was about to be hit with some $300 fee per year to keep my checking account. I'll stay out of the specifics but I had to jump through a few hoops first before I was able to get a free checking account back.

      [–]Saint947 2 points3 points ago

      Fuck Wells Fargo.

      I went to deposit my paycheck, and they handed me a check saying my account had been closed because someone had stolen my canceled debit card number from a different bank entirely and made a fraudulent charge on it.

      So not only did I have to deal with an old bank in another state, I had to find another bank in the new.

      Seriously, fuck them.

      [–]OnlineGrandpa 0 points1 point ago

      Scope a "community bank". Direct deposit accounts are sometimes "free"

      [–]JimmyKeepCool 0 points1 point ago

      I know, right?

      Chase (unless they've changed very recently) doesn't actually offer free checking unless you meet specific requirements or else you got charged a fee for not making enough money (I guess they don't like people who make minimum wage banking there).

      [–]CoogleGhrome 7 points8 points ago

      It costs 15 dollars to only have 20 dollars

      edit: different upload with less shitty sound quality.

      [–]INeedMoreNuts 3 points4 points ago

      RIP Headphone users...

      [–]CoogleGhrome 0 points1 point ago

      I'm actually at work and don't have sound, just knew the bit was relevant. I apologize on behalf of that uploader.

      [–]atlas44 0 points1 point ago

      I never tire of this. Thanks, CoogleGhrome!

      [–]Roxxer 2 points3 points ago

      I suggest going to restaurants and eating the free ketchup packages and cream cups for coffee.

      [–]MusicEntree 2 points3 points ago

      Sounds like 5/3rd. I realized I shouldn't have trusted a bank named after an improper fraction.

      [–]SullyKid 7 points8 points ago

      A few year back I used to work for a bank. I didn't make that much money, so I would overdraw here and there. I was also young and dumb, so I just blew all my money.

      Anyways, I had to get gas one night so I could get to work the next day. I payed with credit because back then I knew it would take a few days to clear, and by that time my check would have been deposited to my account.

      Next day, it's slow, so I decided to look at my account and see how much money I had. Not even eight hours after I bought the gas the transaction was posted to my account along with an overdraft fee. My bank was stupid enough to do this to one of their employees, where I can see all the details of the transaction. It was force posted, which meant someone in accounts servicing had to manually post it to my account. Needless to say, my boss and I had a little chat. She took care of it for me, and I got my money back.

      They lost a customer and employee soon afterwards.

      [–]LazLoe 2 points3 points ago

      That's really interesting. When I was in the Navy I saw that shit happening all the time and saw the pattern on my account. I use credit for the extra protection and whenever payday came around all checks and credits were posted within 24 hours. Otherwise they posted 3-5 days.

      [–]SullyKid 1 point2 points ago

      I hope you've switched to USAA since! Best move I ever made.

      [–]kniteli 2 points3 points ago

      I remember arguing with a customer service rep for bofa about how my overdrafts were organized from greatest amount to least, regardless of time I actually made the transaction. This means, of course, that if I had made 6 purchases, and the only one that put me over was a $20 transaction and it was last, that I would pay overdraft fees for all 6. They would not relent, trying to argue that they were ordered by approval by them. (convenient) Needless to say they lost a valuable customer (clearly not one at the time, but I am one now). It was a really scummy thing to experience.

      [–]Sobertese 1 point2 points ago

      So you are saying that (at least some of) these infractions are knowing and willingly imposed by the banks? Not just automated butt-screwing by the system?

      [–]TheOldOak 10 points11 points ago

      Oh, our customer has no money left. We should make sure he can pay his bar tab, pay for Netflix, his app store purchases, and support his unjustifyably lavish and spendthrifty lifestyle, but make sure he tries to learn that our money we're giving him to do things he couldn't afford doesn't come free.

      We're so good to save him the social awkwardness of being stuck at a grocery store after ringing up 60 items and tying up the line, then leaving with nothing but dismay and public shame.

      [–]IsThatTheJoke 4 points5 points ago

      I think he explains this problem best.

      [–]anchorchain 5 points6 points ago

      Fees are dumb but if you have a bank account you should be responsible enough to, ya know, check it frequently enough to know how much money you have.

      [–]crampedstyl 4 points5 points ago

      We noticed you overdrafted. We also realized that you probably really needed that soft drink for a dollar. We went ahead and spotted you for a forty-dollar fee, because we are friends and we care about you.

      [–]ClankyIronBoots 15 points16 points ago

      You only have yourself to blame if you overdraft for a week. Check your online statement at least once a day. Multiple times if you know your account balance is low.

      I weep for the financial sensibility of people my age (mid 20's and younger)

      [–]VioxxIsDelicious 25 points26 points ago

      Yeah and if it gets real low just buy more money.

      [–]Herlt 7 points8 points ago

      Ask your parents for a cash advance and more stock

      [–]Beakerbite 0 points1 point ago

      I can't do that. My parents Yacht ran out of century old Bourbon last week. They just can't afford to loan me anymore apple stock until that crisis is averted.

      [–]MidgardDragon 1 point2 points ago

      You have yourself to blame of course but banks definitely take advantage of someone who messes up.

      [–]elfonzi 0 points1 point ago

      As a college student living off scholarships and aid there were times in my late teens/early 20s where I just had to overdraw while waiting for checks in the mail that were a month late.

      [–]scotchirish 0 points1 point ago

      Or get daily balance alerts

      [–]kevie3drinks 29 points30 points ago

      Bahnk. whut r u dion? bahnk? stahhp.

      [–]willymo 7 points8 points ago

      Bahnk pls.

      [–]glant101 1 point2 points ago

      Gooby pls

      [–]LazLoe 1 point2 points ago

      After 6 days, "Here are some more fees!"

      Get payed biweekly? After 6 more days "Here are some more fees!"

      Triple whammy!

      [–]MegaJiXiang 1 point2 points ago

      Don't forget the fee to use your savings to pay for your checking.

      load more comments (6 replies)

        [–]CJ_from_SanAndreas 11 points12 points ago

        One of the best things you can do is sign up for low balance alerts. With my bank, I can set up alerts that both email and text me when my bank account dips below a value that I can set and also when it overdrafts. That way I have time to correct it before fees kick in.

        [–]zaphod777 4 points5 points ago

        I don't understand how someone can not know they are over drafting for a week. I know when I am cutting it close but I surely know as soon as I overdraft because of the sms and email alerts.

        [–]CJ_from_SanAndreas 0 points1 point ago

        It doesn't happen often but it does. For example, I once wrote a check but used the wrong checkbook so I thought it was coming from a different bank account. Once the check was cashed, I was overdrawn by the check amount plus the pending charges from the past few days that hadn't cleared yet that just went through. That was the incident that prompted me to set up the alerts.

        [–]zeppelinfromled 1 point2 points ago

        The better thing to do is to create a budget and track your finances. I don't understand people who need their bank to tell them how much money they have. What if that check you wrote 2 months ago and forgot about finally gets cashed? It's just setting yourself up for trouble. Track it on your own. Save your receipts and enter them into a register (/Excel worksheet). It takes very little time.

        [–]Botsman 9 points10 points ago

        1. Set up email or text alerts.
        2. Get an overdraft line of credit.
        3. Don't spend the money that you don't have.

        source: your friendly local banker

        [–]neomicron 1 point2 points ago

        Exactly. How do people lose track of their bank balance so easily?

        [–]mr_tomorrow 14 points15 points ago

        I see this gif pop up from time to time, what is it's source?

        [–]dopemanjr 13 points14 points ago

        Search italian spiderman on youtube, too lazy to do it for you.

        [–]ReKognito 28 points29 points ago

        I'm so exhausted now.

        [–]LouisianaBob 3 points4 points ago

        Best thing I've seen today

        [–]malicious_swine 1 point2 points ago

        I see what they're going for, but... this is... freaking awful.

        [–]GreyEarth 6 points7 points ago

        awfully hilarious!

        [–]Halp_Im_in_China 2 points3 points ago

        It's meant to be a spoof. Whoosh?

        [–]mr_tomorrow 1 point2 points ago

        cool thanks

        load more comments (2 replies)

          [–]killswitchdh 20 points21 points ago

          I know that feel bro.

          [–]stlcardinal9 7 points8 points ago

          Seriously a week? How can you not know how much money you have? Turn off your overdraft and then you will know when you are broke. And the fees the bank charges are because they honored your payment, loaned you money even though you were broke. I know the big bank is screwing you over blah blah blah.. Don't give them a reason to charge you fees and make money from them.

          [–]paraprosDOPEan 4 points5 points ago

          A WEEK!? get it together, tyrone.

          [–]Bevman00 12 points13 points ago

          when did r/funny become r/reactiongifs?

          [–]ian__ 3 points4 points ago

          /r/personalfinance

          [–]ManofToast 4 points5 points ago

          That moment when overdraft protection is falsely advertised and is instead overdraft fuckyouintheasshole.

          [–]TuskedOdin 22 points23 points ago

          Check more often

          [–]needsmorepepper[S] 12 points13 points ago

          I know, first time in my life it's happened. $260 in fees, 30 per transaction. Brutal, they cut it down to 130 so it lessened the pain a little.

          [–]LimpyDan 8 points9 points ago

          I used to plan ahead on my overdrafts and pull a few hundred out all at once so I would only take the hit of one fee. It's cheaper than a payday advance.

          [–]LazLoe 0 points1 point ago

          Unless you just paid a big bill and came up short, and get paid biweekly and your bank has a 6 day overdraw fee (compass).

          But yea, I have done that too, usually by filling my gas tank. Fortunately I no longer live beyond my means.

          [–]nduval 7 points8 points ago

          In my twenties I did this so many times. I feel your pain. It was obviously my fault for not keeping better track, though Bank of America sure did like to let everything process and then re-arrange transactions from largest to smallest to get the most fees.

          I'm not saying it was Bank of America's fault that I overdrafted, but they sure did seem to love it when it happened. I now have a most excellent budget and bank at a local credit union. Good luck with those fees!!

          [–]nova62 0 points1 point ago

          I had the same experience with them. Best bet: balance your checkbook. It's a minor inconvenience, but absolutely worth it.

          [–]slugagainstsalt 2 points3 points ago

          My bank does the largest to smallest. They have done it twice, and put several day old transactions after a huge one. I went in with a bunch of receipts and asked them to please arrange them in the order they were paid. Saved me 5 over draft fees.

          I'm not paying $31.75 for my Sonic Happy Hour Route 44 again.

          [–]KnightKrawler 1 point2 points ago

          BOA got the shit sued out of them for that stunt. Check on it...you might be due a refund.

          [–]magus424 0 points1 point ago

          Bank of America sure did like to let everything process and then re-arrange transactions from largest to smallest to get the most fees.

          I believe this is now illegal.

          [–]Iamien 0 points1 point ago

          Mint.com with 2x monthly expenses in checking account at the beginning of every month.

          After my last pay-check of a month, I move however much needed into savings that will leave me with 2x at the beg of next month.

          load more comments (1 reply)

            [–]reggieohead 2 points3 points ago

            Literally worst organs'n'shit-falling-into-bowels feeling ever. I guess unless your organs'n'shit actually fell into your bowels.

            [–]baltakatei 2 points3 points ago

            Try Mint.com. They'll text you if you get any kind of bank fee and they can give you weekly texts stating the funds in your accounts.

            [–]atanincrediblerate 0 points1 point ago

            Does your bank have low-balance alerts? I know I get a text message from my bank when my balance goes below a certain amount.

            [–]Draiko 0 points1 point ago

            If he keeps that shit up it'll be more like "Bounce more often"

            [–]slamminbeers 8 points9 points ago

            Story of my life.

            [–]Brostash 3 points4 points ago

            Are you James May?

            [–]drumercalzone09 0 points1 point ago

            Every time I see this GIF, that's exactly what I think.

            [–]slickerintern 9 points10 points ago

            Either check your balance more frequently or learn how to balance a checkbook. A debit card is basically an immediate check.

            [–]Honey_Dog 2 points3 points ago

            Or get a credit card with a low but reasonable limit. So then if you haven't checked in awhile and haven't paid anything off on the card yet this month and you hit the limit you're not going to get fucked by the bank; card will just be rejected then you can just login and pay off the card real quick and it will work again. Which forces you to check your account and keep a leash on your spending. Great way to build your credit and have better control over your funds.

            I keep my card at a $500 limit for this reason. If I go on vacation I have my bank temporarily raise it, then when I get back have it lowered to $500 again.

            I haven't used a debit card in over 5 years since I started doing everything this way.

            Of course you will still have to keep track of your rent and other bills separately if you don't use your credit card for them.

            [–]Remnants 4 points5 points ago

            Or just turn off overdrafts for check card purchases. If you don't have funds available, it won't let you use it.

            [–]zeppelinfromled 0 points1 point ago

            You can still run into trouble with this, particularly with checks, but it's less likely. Tracking your finances is still important, even with overdraft turned off.

            [–]malicious_swine 1 point2 points ago

            A cash budget is also a good idea.

            [–]doghousedean 3 points4 points ago

            Ha! Just a week?

            N00b!

            [–]kevie3drinks 2 points3 points ago

            This was me last week.

            [–]Shnazzyone 0 points1 point ago

            You're lucky the title is witty and I love this gif. Upvote.

            [–]kaldrazidrim 1 point2 points ago

            Single greatest gif.

            [–]Kat_The_Friendly_Spy 0 points1 point ago

            happy cake day!

            [–]Simonzi 3 points4 points ago

            Every time a banking thread comes up, I read the comments and come to the conclusion people just don't know how the fuck to manage a checking account.

            99.9999% of overdraft fees are the account owners damn fault. No matter how you spin it, or what you whine about, it's your own damn fault. Nobody put a gun to your head and made you spend more money than what was in your account.

            I've never seen a bank deny returning a fee the 0.0001% of the time it is truly bank error.

            [–]MidgardDragon -1 points0 points ago

            Overspending being your fault is an obvious answer, but then banks make damn sure that they get the most out of the overdraft scam by rearranging transactions to where it will be most beneficial for them financially.

            I have (back when I had these problems, do better with my money now) something that should have been ONE overdraft turn into 4, just because of the way they rearranged the transactions.

            load more comments (1 reply)

              [–]MissJoey 0 points1 point ago

              Signing up for a mint.com account will prevent this from ever happening again in more ways than one - they send you alerts for any bank fees and you can create budgets, see your trends in spending, set goals, and link to ALL of your financial accounts. (I can't create a link from my phone - any help until I can edit would be appreciated!)

              [–]nikon1123 1 point2 points ago

              mint.com

              In case eight keystrokes is too many.

              [–]Phillile 0 points1 point ago

              Many banking institutions allow you to turn off overdrawing when using a debit card, simply letting the card be declined. If this is the case with your bank as well, you may want to look into asking for that "protection" as well. Also, many banks have smartphone apps, which makes checking your balance a lot easier than balancing a checkbook.

              Also, outstanding checks or debits can be avoid fees if you do a cash deposit before payments are finalized. Cash is credited to your account immediately, whereas some places will take a while to process payment.

              [–]nhmh98 0 points1 point ago

              Can somebody give me a link of the video of the gif

              [–]mikarm 0 points1 point ago

              I just use cash. You can keep your ban account and just have the money direct deposited into it to make it a free account and then only keep or put money in there when you need to make a digital purchase.

              I have just always preferred cash, seeing the actual dollars in my hand makes it easier for me to not over spend and end up broke at the end of the pay period.

              [–]LazLoe 0 points1 point ago

              I do this too. Only deposit what is needed to cover bills. Only problem is that I don't have enough to be a free account... $15 monthly going away and I can't find a local CU that's worth a damn.

              [–]Suzy_Sweetheart 0 points1 point ago

              Story of my life. No really, every paycheck for like the last for years :(

              [–]Remnants 1 point2 points ago

              Turn off overdrafts for debit card purchases or pay attention to the money you are spending.

              [–]JonnySnow 1 point2 points ago

              As a financial consultant, I suggest you go to your bank and punch the branch manager in the face and demand a refund.

              Nah, best advice i can give you is go to your home branch ( branch where you opened the account) and talk to any of the financial service reps there, explain the situation and in some small cases you may get those fees back.

              Also it would be smart to open a small line of credit, where if you overdraft, the bank automatically transfer the funds to your account thus avoiding the $36+ fee.

              [–]feelingfroggy123 1 point2 points ago

              Wouldn't it simply be easier to punch myself in the face for not figuring out my finances as a grown adult? It's easier and saves me the arrest and court fees :D

              [–]nancydrewskillz 1 point2 points ago

              Text alerts ftw. My bank sends me a text when I am under $50.

              [–]warner1 0 points1 point ago

              I remember one time I swiped my debit card on a soda machine for 1.34 and I went over on my account. I had a overdraft fee of 30 dollars fo a damn soda.... lets just say before I knew what was going on I bought a few more soda's that day at work -_- Now a dumb question: What is this gif from?

              [–]Remnants 2 points3 points ago

              Turn off overdrafts for debit card purchases. If you don't have the money available it will just deny the card.

              [–]warner1 0 points1 point ago

              Well this happened to me 5 years ago since then I have gotten smarter and also switched banks. First thing I did was turn off overdrafts this time. No more 30 dollar soda's now. haha

              [–][deleted] ago

              [deleted]

              [–]loveinanelevator131 1 point2 points ago

              Overdraft protection and overdraft coverage are two different things. PROTECTION = you have another account to pull from if you overdraw the first one (ex. Your savings if you OD your checking) COVERAGE = this is what banks are FEDERALLY MANDATED to ask you to opt in or opt out of. OD Coverage is when you overdraft and the bank "floats" you the money (for a fee) so you don't get declined at the register.

              Basically, you have to ask to be opted in to OD COVERAGE. By default, everyone is opted out of OD coverage by federal regulation.

              [–]Simonzi 0 points1 point ago

              There is so much wrong with this comment, it's not even funny. You should call your bank and speak with someone and learn how your account works.

              [–]allanjude1 0 points1 point ago

              overdrafting=overdrawn

              [–]Flying_Turd 0 points1 point ago

              I've been into my overdraft for months :(

              [–]loveinanelevator131 0 points1 point ago

              Call or preferably go into your bank. Depending on who you have and how cool your branch manager is you might be able to get some fees back if its your first offense or maybe a few if you're just not a dick about it. But this depends on your bank. The one I work for uses a "decision tool" that the managers will put information into and it chooses for them what they can refund. They'd have to override the tool to get you more back and some don't like doing that.

              TL:DR; stop by your branch. Don't be a jerk. Ask for refund.

              [–]eshu112358 0 points1 point ago

              Seriously, run a balance some place besides online, your checkbook is a good place. I learned how to do this in middle school. Do they not teach consumer education anymore?

              [–]MidgardDragon 0 points1 point ago

              American schools are there to just meet minimum requirements for test scores on major subject areas, push kids out to whichever college thinks they can scam the most money from them, which then pushes them out to be wage slaves that can never pay back their student loans. So no, this isn't taught in school.

              [–]makenzie71 1 point2 points ago

              How do you overdraft? Even when I was terribly irresponsible with my money I still never ran under...

              [–]feelingfroggy123 1 point2 points ago

              Agreed. Paycheck to Paycheck here and not once have I gone under. I am crazy about checking the account and keeping tabs on what gets paid when and what exactly is budgeted for what down to the last penny.

              [–]easy_Money 0 points1 point ago

              70s James May?

              [–]knuxed 0 points1 point ago

              Looks like James May from Top Gear UK

              [–]pbj192 0 points1 point ago

              did that too... 100 bucks in the hole... no way to pay it back

              fuck me sideways

              [–]kelbrina 1 point2 points ago

              Quite possibly the best use of that gif that I've come across. Nice job, op. I feel for you.

              [–]threequincy 1 point2 points ago

              Thanks to this post, I went to check my account balance and discovered I had just 4 dollars left. I was 1 transaction away from overdrafting. Promptly transferred funds from savings. Thanks needsmorepepper!

              [–]joebob365 0 points1 point ago

              This instantly made me go double check mine.

              [–]WhitePostIt 0 points1 point ago

              I would recommend using a credit card, but then I realized that if you're over-drafting, you might not be too good at keeping your spending in check and knowing your limits.

              [–]llpancholl 0 points1 point ago

              I cannot fathom why anyone would willingly sign up for overdraft services.

              [–]SneaksInADicPic 0 points1 point ago

              When I was in my early twenties, my daughter was born 5 weeks early and was in the Neonatal ICU for 2 weeks.

              I had quite a bit of savings but never had more than a few hundred in my checking, with the exception of right after pay day.

              I was living out of a hotel near the hospital and was basically relying on my debit card for everything. An easy 10-15 transactions a day. A soda here and there, maybe a snack... all three meals where purchased via debit card and so on. You get the idea.

              I checked my balance every couple days and added into my account from savings as needed.

              Well a regularly scheduled bill hit my account and emptied it. My bad, was kind of a stressful time, and I am still young and dumb. I had about a day and a halfs worth of heavy use all in the negative. I called my bank and asked if the overdraft fees were going to be charged. I was told that I would be okay if I added money now before the end of the banking day. I evened out the account plus a couple hundred extra.

              This is were I get the shaft. I think I am in the clear and use my debit card all through out the next day. I check it at the end of the night(after the banking day ended), and I am heavily in the negative again.

              All those charges did result in fees even though I was told they were not. The fees, at 35 dollars a piece, completely destroyed the few hundred dollar buffer I placed in the account the day prior.

              Here is the kicker, all the charges I made the that day also resulted in fees because of the shady way banks clear charges(largest to smallest, or as I call it, "most over draft fees way"... only reason I can think of why they do it that way). None of my charges went over 35 dollars. So it didn't matter they can't charge an over draft fee for an overdraft fee, because all the overdraft fees cleared first.

              tl:dr Gave about $600 to bank of america in two days because lol

              [–]Mr_Jack_Attack 0 points1 point ago

              Sux when you see your bank statement where you spent $4.35 at Taco Bell and you end up with a $40.00 Taco for lunch! "F"

              [–]feelingfroggy123 1 point2 points ago

              I was not really convinced of his shock until I saw the head shake. Then I knew.

              [–]durbano77 1 point2 points ago

              Fuck... It was probably the Italian Spider-Man who did it.

              [–]VioxxIsDelicious -1 points0 points ago

              I'm 20 years old and living out of home, going to university full time, have a disability, and do my fair share of drugs. I'm not rich but I have money in the bank, and I don't understand how this happens to SO MANY people.

              [–]avanbeek 0 points1 point ago

              Surely I can't be the only one who checked their account immediately after seeing this.

              [–]bob000000005555 0 points1 point ago

              Looks like James Mays a bit.

              [–]MacMan25 0 points1 point ago

              Every time I see a child with a debit card I think of this. Just use cash and use this when you want to feel grown up and use a fancy debit card.

              [–]frenchness 0 points1 point ago

              Man overdraft is a drag

              [–]eroq 0 points1 point ago

              Whoooooooooooooooooooooooaaaaaaaaaaaaaaaa h hhhh h

              h

              [–]sch3ct3r 0 points1 point ago

              GOD DAMN, I know this feeling. Its called 'a week in vegas, your check card & credit car are identical, and you're drunk the whole time'.

              Still paying off 36 overdrafts, 3 years later. Building credit is like building character, right?

              [–]ftwkd 0 points1 point ago

              i think it's a federal law that if you ask your bank not to cover overdrafts on your atm card, they won't. keeps those assholes from collecting all of those overdraft fees.

              [–]EvilTucker 0 points1 point ago

              What is this gif from?

              [–]Panzerdrek 0 points1 point ago

              East Indochinese Aquaman.

              [–]Shmemolovskii 0 points1 point ago

              Italian spidarmaaaaan

              [–]eclipse007 0 points1 point ago

              Use Mint.com. It's a free service that:

              • Sends your warnings, email and text on low balance, account fees, ATM fees, etc.
              • Allows you to set budgets, automatically tracks your expendisture and categorizes it (coffee shop, groceries, transport, etc.) and if you hit or exceed your budget it warns you in email or text.
              • Has free apps available for phones
              • Loads of other useful features.

              It's 2012 people. Even if you're not good at handling money, there are free and paid services to help you with it.

              (Service availabe in US & Canada, not sure where else but there must be other services elsewhere, even if not, your own bank must have some online/mobile banking tools to help.)

              [–]Dyllionaire15 0 points1 point ago

              This meme goes to show that the content doesn't even matter... all of the karma is in the title.

              [–]fireman_grimsley 0 points1 point ago

              So uhhh... Italian Spiderman is pretty great, right?

              [–]The_Doctor_Bear 0 points1 point ago

              Debit card.. Waht are you doing? Debit card... Stahp.

              [–]rooshkers 0 points1 point ago

              I want to know how many redditors saw this post and immediately checked their balance.

              [–]andrufranjelo 0 points1 point ago

              Haha! Thanks, that just reminded me!!

              [–]tule123 0 points1 point ago

              Ask your bank if they have a txt msg inquiry. Although, I opted out for over draft, I can txt 'BAL' to 'CHASE' and they'll txt me my credit balance and my debit balance along with my last payment to credit!!! very useful!

              [–]otisdog 0 points1 point ago

              I opted out and basically switched to running a zero balance on cc's and using those when I go out. That way I know I don't have to worry about not having enough to cover...Problem is when I'm in the grip of the grape I KNOW I basically can't run out...After particularly "carefree" weekends that gif describe my face looking at my cc spending report.

              "WHAT THE FUCK DID I EVEN BUY AT JACK IN THE BOX"

              [–]cloudcover01 0 points1 point ago

              I wondered how James May got started on the BBC.

              [–]BabyNewblet 0 points1 point ago

              Origin of gif?

              [–]Panzerdrek 0 points1 point ago

              Equatorial Guinean Plastic Man

              [–]dudSpudson 0 points1 point ago

              The fees!!! The horrible fees!!!

              [–]OnlineGrandpa 0 points1 point ago

              "free" accounts were a thing, for a while. Now banking is "retro".

              [–]yourmomismybitch 0 points1 point ago

              With my bank I can still make purchases even after I'm out of money because some things take a few days to go through. I've opted out of overdraft protection so I don't get any fees but one time I just went by what it said I had and I didn't keep up with what I spent and ended up $200 in the hole. But if I only have about $5 in there and I need gas I can pay at the pump and fill my car up and it lets me do it. No fees or anything.

              [–]n1nj4_v5_p1r4t3 0 points1 point ago

              jeasus fucking christ fuck banks

              [–]erryday_IAm_rustling 0 points1 point ago

              HAHAHAHA!

              [–]delti90 0 points1 point ago

              If you have a decent bank (not Bank Of America) you can probably get most of those fees removed if you just call and explain, or as while you're in the branch next time.

              [–]BenStein40 0 points1 point ago

              Anytime I walk into my college dorm bathroom stall...anytime

              [–]lilbitalove 0 points1 point ago

              I know at this point no one is actually going to read this but thought I would put my knowledge as a customer service supervisor of a bank out there. Biggest thing that I don't think anyone has mentioned is the difference when you swipe your debit card as credit verses entering your PIN number and utilizing the debit side of your card. Even opting out of courtesy overdrafts on your account won't always cover credit transactions due to many times credit does not place a hold on the account for the full amount. For example you swipe your card at a gas station and it only pends on your account for $1. You think your ok and spend money you don't have and boom your account is overdrawn. Also keep in mind the difference between your account balance and your available balance. They can be different and you can get extra fees for using funds that are not "available" in your account. 9 times out of 10 this is due to a check hold that was placed on your account due to a recent check deposit. The BEST way to monitor your account is by keeping a check register. As old school as it is based on ACH items, checks, recurring debit card payments (which FYI aren't covered under opt in opt out), and pending debit card holds you really can't trust anything but your own register to know exactly how much is in your account.

              [–]andschwa 0 points1 point ago

              There's this thing where credit card interest is probably cheaper than overdraft fees.

              [–]MagicDr 0 points1 point ago

              I hate this GIF. I tried to like it, but I fucking hate it

              [–]lilibrillo 0 points1 point ago

              I've literally been laughing uncontrollably for the past 3 minutes. I can't see past the tears...

              [–]turkishdelightbribe 0 points1 point ago

              Sounds like too many mutha'uckas are uckin with yo shi'

              [–]davewiz20 0 points1 point ago

              This gif never gets old,

              [–]fegewgewgew 0 points1 point ago

              Where is that gif from?

              [–]MindlessFruit 0 points1 point ago

              Is that James May?

              [–]gorgeousgore 0 points1 point ago

              Haha, I love all the serious responses in the 'funny' section. I just want to know where this gif came from, it's frickin' hilarious!!!!!!!

              [–]0dev 0 points1 point ago

              En un scuola normale..

              [–]brussels4breakfast 0 points1 point ago

              This happened to me yesterday. Dammit.

              [–]REBELYELLoz 0 points1 point ago

              I knew I wasn't, but after seeing this post, I still had to check.

              [–]TeaDrinkingBarbarian 1 point2 points ago

              I've never understood the logic behind overdrafts, and especially overdraft charges. "What's that bro? You have no money? Cool, now you owe us money! What, you can't pay that because you have no money? Awesome, now you owe us more money!"

              [–]horroricane 0 points1 point ago

              This made me go check my own bank account.

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