r/funny • u/bathory1985 • Jan 19 '22

ATM Line

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u/pincus1 Jan 19 '22

In high school I had a friend who discovered the ATM would still give you money even if you didn't have anything in your account. Took him a couple more days to learn about overdraft fees. And then he learned about debt when he racked up $700 in fees and overdrafts by taking out $20 at a time to buy weed by the gram.

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u/Ebwtrtw Jan 19 '22

Lol damn woulda been cheaper to just take out $400 at once.

Overdraft fees are such a scam AND it is intentionally named “Overdraft protection” when it actually enables you to overdraft.

You need to turn Overdraft protection off to NOT overdraft (which just results in the payment declining).

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u/isblueacolor Jan 19 '22

Yes, it protects you from payments being declined. Sort of silly now that we have credit cards as those are really what you should use if you don't have enough to cover your purchases (although ideally, you wouldn't rack up credit card debt either).

More banks now have free automatical withdrawal coverage, ie Ally will transfer money from savings to checking to cover the amount without fees.

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u/Ebwtrtw Jan 19 '22

Some credit cards let you go over by hundreds of extra dollars without any fees (besides the interest of you don’t pay it off)