Revese Bank Overdraft?

[Ddz]

had p bad credit when i bought it I NEED TO REFINANCE BUT IVE ALREADY REFINANCED ONCE. HELP

Has your credit improved? I'd call around and see if you can get a better rate. 9% is fucking astronomical. Banks are offering as low as 0.9% right now. Btw, I've refinanced twice, and my credit is still around 830. I don't think it matters how many times you refinance, but I could be wrong.

[Pharaun]

Has your credit improved? I'd call around and see if you can get a better rate. 9% is fucking astronomical. Banks are offering as low as 0.9% right now. Btw, I've refinanced twice, and my credit is still around 830. I don't think it matters how many times you refinance, but I could be wrong.

As long as you aren't trying to refinance every month it shouldn't effect your credit more than 5-10 points for about a month or so.

[tyven]

I SHALL DO IT

[Alolbont]

yeah USAA is the shit, I have a credit card through them. I need to do my checking through them as well. best company evar

Im not even military and I have a checking an savings account with them. Very very good service.

[Deadgye]

What happens is when you run your card sometimes the transaction is listed as pending and could take a day or two to go through. (Gas stations are notorious for this fyi.) So while that money doesn't get counted, it "thinks" you have money, but once all those pending payments finally go through, you get overdrafted. Banks make billions of dollars a year doing this (I shit you not, this is one of their main sources of money.)

There really is no reason to not get overdraft protection as the fees are smaller.



^

If this is your first time overdrafting (or you haven't done it in awhile) they will often reverse it. I'd call them instead of going to an actual bank as banking centers take a hit towards their monthly goals whenever they reverse fees, so they are usually less inclined to do them.

What? I specifically went out of my way to avoid opting into overdraft with TD so that my debit card gets declined when I don't have enough money. The card should get immediately declined when it attempts the transaction. That's how it worked the two or three times I've attempted to use it with not enough money in my checking account.

Why even consider overdraft protection when you can just not allow overdraft in the first place? Or is this a thing that some banks force because they're money hungry?

[miokomioko]

A little late, but this exact thing has happened to me a FEW times in the past (Washington Mutual / Chase).

At the time, they automatically signed you up for Overdraft Protection until you opt-out (but they don't tell you shit). I found out the hard way. So, I go in and sit down with someone who warns me that I should keep it on (::eyeroll: but finally turns it off for me as I insisted. Fast-forward a few months, and I overdrafted again... hard. I went in and complained and they immediately removed all charges without question and turned the Overdraft Protection off and this time for real. Shitbags.

[Ddz]

What? I specifically went out of my way to avoid opting into overdraft with TD so that my debit card gets declined when I don't have enough money. The card should get immediately declined when it attempts the transaction. That's how it worked the two or three times I've attempted to use it with not enough money in my checking account.

Why even consider overdraft protection when you can just not allow overdraft in the first place? Or is this a thing that some banks force because they're money hungry?

It will decline your card if your AVAILABLE BALANCE is below the requested amount. When you have pending charges though, your AVAILABLE BALANCE can still be higher and your card won't decline (which is what Ksandra was talking about). Example:

Available balance: $100
Run card at grocery store for $75 (this charge now pending but not processed. Available balance still $100)
Run card at gas station: $30 (congrats, you have overdrafted by $5, since your available balance was still $100 when you ran both transactions that exceeded the available).

[Mabubeezareel]

It will decline your card if your AVAILABLE BALANCE is below the requested amount. When you have pending charges though, your AVAILABLE BALANCE can still be higher and your card won't decline (which is what Ksandra was talking about). Example:

Available balance: $100
Run card at grocery store for $75 (this charge now pending but not processed. Available balance still $100)
Run card at gas station: $30 (congrats, you have overdrafted by $5, since your available balance was still $100 when you ran both transactions that exceeded the available).

Having worked for a regional bank in New England for 17 years now, just wanted to point something out - in this example, the bank cannot legally charge you a fee unless you have previously given your consent to opt in to their electronic overdraft services. In this scenario, while it is at the bank's discretion on whether or not they decline the second $35 transaction, they absolutely cannot charge you an overdraft fee for it if you are not opted in to their electronic overdraft services at the time that the transaction posts to your account.

Note that electronic overdraft services and overdraft protection are two similar, yet very distinct things. The former is an opt in/out decision that determines whether or not the bank can charge you an overdraft fee on electronic transactions (primarily using your debit/check card, but I think ACH withdrawals may fall into this category as well) that result in an overdraft situation, and the latter being "linking" another account (such as a savings, credit line, another checking, etc) to the checking account to cover overdraft balances caused by any sort of transaction.