Overdraft

[Randy]

Should banks be allowed to keep charging ofterdraft fee's if a person keeps using their debt / atm card on an over-withdrawn account?



Lets say you thought you had $100 in your account but really you only have $10 in there. You go around town making small purchases over a week or two.. Perhaps a coffee on the way to work, going out to lunch, or whatever. Lets say you made 8 small transactions totaling in $100. There may be a $35 charge for each time you used the card. Spending that $100 you didnt really have will end up costing you almost $400.



Should the banks automatically freeze a card after the 1st overdraft?

 

[Jazzy]

Yes, of course, the bank should charge an overdraft fee. Do you think it's the banks responsibility to cover your overages? Never can understand how people don't know the balance in their account. It's simple enough to look it up with online banking or call the bank. Don't you get a statement every month as to what's available in your account? They are not going to freeze your card as they are out to make money with their overdrawn charge. So many people are irresponsible and that makes the interest rates go up for people like me that have a great credit rating. Done ranting now

 

[The Dragon Master]

There should be an overdraft fee. It might teach more people to be more responsible with their money, by learning through the hard way

 

[xneseyx]

wait a minute, you can use money that you don't have? that doesn't make sense...

 

[Nebulous's iconNebulous]

Should the banks automatically freeze a card after the 1st overdraft?

Yes they should. Ive done this to myself before. I used my card 3 times after my account was overwithdrawn. I had to pay $75 in fees! WTF

Just because I made slight error I had to pay all that money. They should have froze up my card and if I tried to use it, it should have been declined.



However it did teach me a lesson and thankfully it wasnt an even more expenisve lesson.