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RULES:
There are definitely scenarios where the ability to temporarily overdraft an account saves people much bigger missed payment fees and interest charges.
I don't know why we can't just have the fees come on a deferred basis. Like if your account returns to positive within the billing cycle then the fees get waived. No reason they need to be predatory
I don't know why we can't just have the fees come on a deferred basis
The other guy already said it but I'm going to reiterate for emphasis:
Banks are not your friends. Banks (in the US) exist as for-profit businesses to make money off of you
Edit for clarity: The main way banks make money off of you is by investing the actual cash you give them and agreeing to cover your day to day costs of living. Since the vast majority of people prefer to have a positive bank balance and possibly a savings, it works out that the banks always have money to invest.
It stands to reason that anyone with a negative balance is actively infringing their strategy to invest excess money, so why wouldn't they charge them? It's all business.
Because I would imagine that the banks don't want to give a small interest free loan in that scenario? With no collateral on a regular recurring basis that one day will never be paid off?
Not that I feel bad for the banks...
Note: I've turned overdraft off with every account I've ever used and I don't use Auto pay because you gotta be strategic sometimes.
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How much are your banking fees? In the UK almost all fees are £12.
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