Should Banks ask permission before overdrawing your account?
YES!. It might be embarrassing to get your debit card rejected.. but i’d rather have the card refused than pay a 30 dollar fee on as little as 1 penny overdraft. The Banking industry makes BILLIONS per year in Overdraft Fees, and while I believe this is a valid source of revenue, I should have the option to have the card refused, rather than overdraw my account and have to deal with the hassle. Honestly, if I overdraw my account, and you charge me a 30 dollar fee, I may not have the money to pay that fee immediately, causing quite a vicious cyle.
2 points of advice.
1. Have overdraft protection on your account. Link it to a savings account so that if this happens, you won’t get burned.
2. Use a credit card instead of debit. Make sure you always have available credit and you won’t get burned.
