Can we talk about the idea that all overdraft fees are just a scam?

I keep seeing posts that treat any bank charging an overdraft fee as predatory, but that's not the full picture. My credit union in Grand Rapids gives a full 24-hour grace period to cover the shortfall before the fee hits, which is a fair warning system. Has anyone else found that their bank's specific policy actually makes sense?

2 comments

2 Comments

taylor8211d ago

Wait, a full 24 hours to fix it before they charge you? That's actually real? My bank gives me like five seconds and then slaps on a thirty-five dollar fee. How is that even legal?

aaron_ellis4211d ago

My buddy's bank did something like what @taylor82 described, charged him while a deposit was still processing. He switched to a local place with a one-day grace period and it's been a total game changer for him.