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17 Comments
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Scott
Scott (@guest_1338990)
February 25, 2022 09:16

It seems to me like banks are prioritizing attracting deposits because they now foresee huge profits from net interest margin especially as the Fed raises rates.

Andy
Andy (@guest_1338950)
February 25, 2022 02:33

They forgot the part where their IT system will still charge you the overdraft fees until they are able to update it in 2028.

Until then, you can call customer service who will claim you weren’t charged overdraft fees because they eliminated them in 2022.

But no need to despair, as you can visit a branch to speak to a banker, and you’ll have your $34 back in 2-3 hours or so.

Unless the banker doesn’t enter it into the system correctly, in which case you can try again tomorrow.

Penn Adam
Penn Adam (@guest_1338940)
February 25, 2022 01:13

DCU has overdraft coverage backed by their credit card if you have it. Can someone tell me what this feature is called?

Basically they advance the shortage amount from the credit card to the checking account. Would like to know what other banks/credit unions offer this.

Matt
Matt (@guest_1338942)
February 25, 2022 01:22

“Overdraft Protection”

I don’t know if DCU-specifically calls it that, but that’s the general industry term for what you are describing.

(Edit: My comment is “awaiting moderation” for some reason. So if my reply pops up many hours after someone else has already answered your question, that’s why, lol.)

Matt
Matt (@guest_1339014)
February 25, 2022 10:08

There is my reply (about 9 hours later, lol).

TB
TB (@guest_1398852)
June 22, 2022 17:24

And it is useless and not what OP was asking for. They already mentioned “overdraft coverage” in their comment so they were specifically asking about the credit card aspect.

L
L (@guest_1338814)
February 24, 2022 18:29

Some friends try to give me grief for churning bank bonuses like I’m doing something wrong; I never felt bad about it. Seeing that institutions made more than $15 billion in overdraft fees in 2019 makes me want to find even more bonuses.

Naddi
Naddi (@guest_1338831)
February 24, 2022 18:54
  L

You’re churning get back at them for being profitable? So if they weren’t profitable, you’d stop? I really doubt it. There’s no need to hide behind some righteous facade. No one is playing this game to be righteous. Everyone’s doing it for money.

Mark
Mark (@guest_1338842)
February 24, 2022 19:29

Including the banks, above all 😆

Matt
Matt (@guest_1338844)
February 24, 2022 19:33

We’ll likely never find out the answer to your question (since big banks will continue to do similar things for the foreseeable future).

L
L (@guest_1338865)
February 24, 2022 20:02

Naddi Lol. Not sure why you’re getting so worked up over my comment. Of course I’m in it for making money, but I don’t feel bad because of the kind of crap banks pull. You can get off your soap box.

James
James (@guest_1338871)
February 24, 2022 20:11
  L

I get paid a salary for doing “real” work and I’ll grab whatever easy money they’re handing out on the side. Nothing more needed to justify or defend myself.

Danno
Danno (@guest_1398606)
June 22, 2022 06:03
  L

You have some dumb friends.

Guy who buys stuff
Guy who buys stuff (@guest_1338808)
February 24, 2022 18:21

Last week was the announcement that there was going to be an announcement that they are working on a plan.

Ferris
Ferris (@guest_1338795)
February 24, 2022 18:00

They likely lose more money on allowing customers to go negative than they make from overdraft fees. Now they just won’t let you go negative under any circumstances.

Rick
Rick (@guest_1338802)
February 24, 2022 18:14

I’m pretty sure they do very well with overdraft fees. It not much different than a short term loan but at interest rates that would even make the mob blush.

Wilson
Wilson (@guest_1338816)
February 24, 2022 18:32

Probably more regulations coming that make it not worth it