Comment on Cox charges you $25 if your credit card is declined

• eager_eagle@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  Disabling overdraft is the first thing people should do when opening a bank account. It’s extremely predatory.

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  • andros_rex@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    Wells Fargo made a lot of money on ‘Sort Order Optimization’

    Say you have $100 in your bank account. You buy a candy bar for $2 from a vending machine, a coke for another $2, fill up $20 worth of gas, and then spend $100 on groceries. You’d think one overdraft charge, for the groceries, right?

    Nope. The groceries will be taken out first, then the gas, then the candy bar and coke. Three overdraft charges.

    It’s expensive being poor - and they knew that:

    “Given our dependence on a small set of OD consumers (4% generate 40% of total OD/NSF revenue),” Zimmerman wrote, “a small change in behavior within this group can cause a large change in revenue.”

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    • OutDoeHoe@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      That is so fucked up

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      • wizardbeard@lemmy.dbzer0.com ⁨3⁩ ⁨weeks⁩ ago

        And is now illegal, thankfully.

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• orbituary@lemmy.dbzer0.com ⁨3⁩ ⁨weeks⁩ ago

  I hope you are with a local or regional credit union now.

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  • andros_rex@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    Yep! I actually closed my account pretty much immediately afterwards, and went with a local credit union which has been consistently great! They gave me a really good rate when I needed a car loan, haves floated me if I was a little short before my direct deposit came in…

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    • orbituary@lemmy.dbzer0.com ⁨3⁩ ⁨weeks⁩ ago

      Glad to hear it. This is one of the best “small things” you can help people with, in my opinion. BofA is so predatory. I switched to a credit union here in Seattle from them years ago. It was literally the first time I actually earned money in savings rather than it be melted away by fees.

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      • ArmoredThirteen@lemmy.zip ⁨3⁩ ⁨weeks⁩ ago

        I switched from chase to becu a while back and the difference is staggering. I should have done it way earlier

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• Bakkoda@sh.itjust.works ⁨2⁩ ⁨weeks⁩ ago

  I stood outside of a BoA one time, charged a bunch of shit on PayPal then went in and emptied/drained my account and someone ate 3500 in charges.

  I never got a letter, PayPal said everything was fine. I walked away 20 years ago and never set foot in another BoA. Absolute scum bank.

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