Dude you need a new bank, or credit union, or GameStop.
An insufficient funds fee!?! Fuck me, America.
Comment on Reliable bank account
Ookami38@sh.itjust.works 5 weeks agoIf only they didn’t charge fees. My bank charges an insufficient funds fee that’s conveniently the same amount as the overdraft protection fee. So my options are eat the fee and get my stuff, or eat the fee and not get my stuff.
I’m not entirely sure this is legal, but I was told directly by a representative that these were my options. It’s quite literally a poor tax.
Nfamwap@lemmy.world 5 weeks ago
sugar_in_your_tea@sh.itjust.works 5 weeks ago
Yeah, when I look into a new bank for whatever reason, the first place I go is the fee schedule and I look for BS. Most big banks have a ton of BS in there, so avoiding them is usually sufficient if you don’t want to read a table of fees.
jabathekek@sopuli.xyz 5 weeks ago
Just don’t be poor. Those bootstraps are there for a reason.
Sonicdemon86@lemmy.world 5 weeks ago
Since I opted out of overdraft protection several years ago with my credit union, I’ve never been charged insufficient fund fee. Sounds like banks are doing shady/shity things to their consumers again. When will people learn to leave banks and go to a credit union that cares about their people before profits?
Ookami38@sh.itjust.works 5 weeks ago
I love that last line that shifts the onus of responsibility to the consumer.
Really, though, I’ve gone through a few banks, and am current with a credit union. They’re better than what I got with the banks, but they’re still shady, still wont to charge whatever fees they can get away with. There’s very little oversight, and in a lot of cases you’re kinda stuck with what you get.
Sonicdemon86@lemmy.world 5 weeks ago
Well capitalism only works if we let it. Don’t want micro transactions in games, stop playing them. Don’t want stupid fees, don’t use them. They only way they learn is to hit their bottom line. The government isn’t going to fix it, as we have learned over and over again they are ran by oligarchs. Anything that makes them more money they will do.
papalonian@lemmy.world 5 weeks ago
Just curious. Why not just get a different bank or credit union?
Ookami38@sh.itjust.works 5 weeks ago
Mentioned in another post, but I don’t qualify for many credit unions beyond my local one that I currently use. I’ve used a few different bank options, but none of them have really been any better, and usually worse.
papalonian@lemmy.world 5 weeks ago
Your current one as in, your credit union is the one charging you these “insufficient fund” fees?
I’m admittedly not educated in the law of banks and credit unions, but I have a feeling they aren’t meant to be doing that… not that the little man like you or I could do much about it 🤷🏾♂️
Ookami38@sh.itjust.works 5 weeks ago
Yeah, like I said, not entirely sure it’s legal, but that’s the boat I’m in. The other banks did the same shit, charged me more, and offered me worse rates on loans. At least this one spits on it before going in.
ApathyTree@lemmy.dbzer0.com 5 weeks ago
I use a credit union and they don’t penalize for either one. There’s a small “get gud with money” fee for the transfer if you use overdraft protection, something like $1.50 or whatever, but I don’t think there’s an insufficient funds fee at all. They just decline the transaction.
So your options might actually be “eat the fee, or switch banking institutions”, but they won’t tell you that, ofc.
Ookami38@sh.itjust.works 5 weeks ago
Well, yeah, switching institutions is always an option, unfortunately it’s not a great one here. I’ve used a few, and unfortunately this one seems to be the best in my area.
ApathyTree@lemmy.dbzer0.com 5 weeks ago
Sorry to hear. Have you considered looking for one that does app-based banking and isn’t local?
I mean some 15 years ago I had a credit union that was very very regional, and I moved. But they had good online options (keep in mind this was like… 2011 or so and things have moved so far since) so I kept using them for several years until I found a better local credit union.
Maybe that would be an option for you as well, assuming you don’t need to go in in person for stuff frequently.
Ookami38@sh.itjust.works 5 weeks ago
I haven’t actually looked into any that weren’t local. Well, I did, but none that I found I could qualify for at the time. It may be worth looking into again.
CouncilOfFriends@slrpnk.net 5 weeks ago
I’ve used the free online banking from Charles Schwab as well as Capital One for years and don’t see any fees. Schwab refunds any ATM fees for withdrawing cash, even internationally last I tried. Capital One does have a large partner ATM network as well.
sugar_in_your_tea@sh.itjust.works 5 weeks ago
I’m similar, but I’m with Fidelity instead of Schwab. Using a brokerage as a bank account is an awesome cheat code to getting awesome interest w/o any extra effort. My “checking” is a brokerage account and the cash sits in a money market fund making ~4.5%, which is awesome.
The main downside w/ an online bank/brokerage is lack of access to branch services, like depositing cash or withdrawing specific denominations. I maintain a local bank that doesn’t entirely suck to get access to branch services and leave like $50 in there so they don’t close it, and then just transfer money to/from as needed. All of my regular expenses go through my brokerage “checking.”