snipe:
2oldman wrote:
I recently saw a news story about how many billions of dollars banks raked in with overdraft fees. That's surprising, since your bank account is online, 24/7. Suppose the people who overdraw their accounts don't have online banking?
In the year 2017, there is really no excuse for accidentally overdrawing and paying the financial institution a fee for doing so.
Today, you can set up any bank account so you are immediately emailed or texted if the account has a low balance, etc.. Once you receive the text you usually have a full day to get funds transferred to said account before fees are imposed. Also, if I remove $ from any account, charge to any credit card I get a text alert immediately (within 2 seconds) upon swiping the credit card or getting cash at the ATM etc.. In closing, there is absolutely no excuse for getting hit with an overdraft charge. Oh, it is almost laughable that people still mail checks/pay postage to mail bill payments to companies. Especially considering that most banks offer free bill pay.