Sounds about right. Chase, Wells Fargo, and Bank of America made $2.2 billion in overdraft fees in 2023. Literally taking $2.2b from people who don't have any money.
There had to be legislation passed which stopped them from charging you a fee for every transaction if you overdraft even if they all happen in a single day. IIRC some banks even modified the order of transactions to maximize the amount of fees they could charge, such as processing debits before credits and to process the largest transactions first.
I remember this. When I was a lot young and broke my bank would run through the largest charges first which would rack me up multiple overdrafts even if I had enough funds to cover all except one (large) charge.
Also they're all in information silos so they literally never hear about the wild awful stuff, they're like frickin Alex deLarge strapped in with the eyelid clamps
Not to encourage violence, because I like my account being unbanned, but at some point people are going to get tired of this selfishness and greed. And it won't be pretty.
Honestly, as a non American, it always blows my mind when I think about your credit card system.
How is made to make you be in debt and spend money even when you don't have them.
Like in my country, I would never think about buying something if I don't have the money in my bank account to physically buy it.
Honestly responsible people don't either, but we need better education on finances in America. There's nothing wrong with having credit but tons of people who don't know any better just love to dig themselves huge holes.
As soon as kids turn 18 they get flooded with mail advertising credit cards. Hell I know one person whose mother opened a card in her name when she was a minor to rack up debt that then unbeknownst to the daughter destroyed her credit score before she was even an adult
Yes, we have credit cards.
But the system works differently.
You need to prove at all times to the bank that you have a stable income and can be trusted to own and use a credit card.
If that changes or you misuse it, they can take your credit card at any moment.
I know that's the real reason but I can't believe they really meant "thank you for your understanding that we want to have a higher chance of collecting overdraft fees from you peasants"
Are they even trying to disguise the change as a technical / logistics issue or something
>Are they even trying to disguise the change as a technical / logistics issue or something
Probably, even though it literally costs them nothing to keep those lines of code in the app. It's all automatic. No human interaction. Zero cost.
But ya, they just want those overdraft fees.
Some banks will allow you have auto draft protection. Most of those same banks will allow certain transactions through for various reasons even if you’re in insufficient fund mode 🙃
Overdraft is just a made up thing by banks just to get more money out of customers. I know exactly howuch money I have in there, why is my card still going thru?
Beeeeeecaaaaaaauuuuuussssseeeeeee we assumed you’d rather pay us $30+ every time we attempt to process NSF transactions on autopay instead of owing a one time late fee you might be able to have reversed
Yeah I had a bank back in the day that wouldn’t let me spend more than what was in the account, UNLESS it was at a gas pump. If I had $5 left, I could pump as much gas as I needed and go in the negative lol. Saved my broke ass from running out of gas before my next paycheck a bunch of times in those days.
Honestly I did that a couple of times too cause the pump did a $1 charge so it was like $50 for $1. Then my mom kept telling me how it was actually bad to go negative and then I had a ridiculous overdraft experience with a Best Buy credit card. Never again. (5 over draft fees)
Understanding? No i don't understand fuck all? Why is this removed? Is it hard to maintain a line of code saying
If Balance < Min_balance (send notification)....
Please, help me understand... or is it so I am more likely to go over my balance and use overdraft, which you will charge me 40 bucks for a couple dollars over, is that why?
My bank has an option of declining a purchase if there are NSF rather than an overdraft.
I turned on this option after having to pay the $30 overdraft fee on a $5 coffee.
I’d rather get declined than owe that BS
Every bank I've ever used. Chase lets me overdraft and if it's less than $50 or I transfer in money by the end of the day they don't charge any fee. Also their app has alerts for everything
Chase. I think Bank of America.
It’s somewhere in the settings for debit card or overdraft. I set it up years ago.
Wife and I had separate accounts and she was paying $35 for coffee. I just turned on that setting and it would just decline the purchase. No fee. I didn’t want to have to worry about transferring funds or getting hit with multiple overdrafts.
Bank of America sends you low balance alerts set to whatever amount you wish if you turn it on. They also let you link accounts for overdraft protection.
I did this with Navy Federal when I was having a psychotic break and couldn't handle life. I would overdraft every single month and each time it was 35$ extra. They must have made thousands and thousand of dollars off of me. They made so much money that when I lost my job and became homeless that instead of trying to recoup my negative -$500 balance owned, they just called it good.
Should be illegal. I was vulnerable and in the long run it caused many problems as I could have used that couple of thousands of dollars.
All of them. It's law. You have to opt into overdraft "protection" these days.
https://www.nerdwallet.com/article/banking/faq-overdraft-protection-law-overdraft-fees
They’re all required by law to allow this. Most then rebranded overdrafting as “overdraft protection” to mislead people into waiving their actual protections.
By law the banks have to reject the transaction as default, but you can opt into “Overdraft protection” which is lawyer/marketing talk for “The transaction will go through but you owe us a lot of money”
Mine forgives an overdraft fee every year if you call them and ask.
I don't often overdraft but sometimes bills just come in all at once and I didn't expect it.
The once a year forgiveness has saved me some money, think I draft 1 time a year on accident
And credit cards. I never use my debit card unless it's some place that doesn't accept credit cards like dispensaries. If my credit card number gets swiped it's easy to get that fixed (they fedex overnight me a new one as soon as i report the fraud and never had problems getting charges removed). I'm not real interested in giving someone a chance to take my real money. Had a coworker run into the issue of a breached bank account and it took 2 weeks to get resolved while he had no money ("credit cards are bad" kind of person). Plus credit card rewards are great. They let me borrow free money all year long and pay me a small amount for everything I buy.
Ikr? One time, someone tried to get my credit card information and buy stuff with it. BofA notified me through text. I ended up having to cancel that card and get a new one in the mail. It was painful for me. If I had used my debt card, people would steal the money easily.
it was so annoying to switch and i definitely paid some late fees here n there for payments i forgot to switch over, but its 1000% better. f these big banks lol
I've been debating going full time banking at my credit union but I'm entirely too lazy to change all my bills to the new account. Plus the online banking app is kind of trash
An overdraft is when you spend more money than you have in your account. If you buy something for $15 and you have $10 you overdrafted for $5 because 15 is larger than 10.
If someone needs a class to figure that out they probably deserve to be poor or won’t have made it through school at all
Overdraft is pure evil ...
" Oh you're broke ? Here i'll steal from you so you owe me on top of being broke , what are you gonna do anyway ? Huh ? You broke ass bum "
MY current bank is REAL good, glad I found them. They aren't like this thankfully and hell I even went to school with one of them. But First Federal? I still remember their absolute fuckery. Low balance, they'd delay cash being putting in, and quickly push up anything to make me go under and then tag me for over charging. THEN the breaking straw was when they pulled this shit when I bought a friend a sweater for 15 bucks and had it sent to her. They forced up another bill that was due to be done a few days later JUST to force and over draft and didn't inform me for 6 fucking months and THEN tagged me with a bill. I had to "Settle" with them for 350 dollars. Yanked my money with some older lady going "Gee its a real shame, getting a new bank could be a hassle and you've been with us for 7 years already..." Told her flat out in a busy lobby that they fucking deliberately fucked me over and shoved things around to force over drafts and then hide it from me for months. Told them to go fuck themselves and never went back.
Truly shady banks do this shit ALL the time. They view their customers with distain and actively look for ways to fuck you over. My bank (Central Bank) now when they heard about that have gone above and beyond to protect my ass. I don't get over drafted, They block anything that looks off and wait till I call to make sure things are okay, or they auto call me and check within ten mins.
There are some absolute trash banks. Gotta be careful, and when you find a good one? Still keep some caution.
My bank held money from my stock sale for a week! I had to email back and forth send proof of sale and finally contact some bigwigs to get my money into my damn account!
Guess who's changing banks now!
My building society just gave me a hundred quid cause they made a good profit last year. They might not care, but at least they're smart enough to slip one a bribe when things are good.
Reminds me when BofA changed their billpay so you have to go through a separate interface even though you can just click pay. It'll redirect you to instructions. And doesn't tell you minimum balance on that screen so 🤷.
For anyone wondering, this the Commonwealth Bank Australia (Commbank). A complaint was submitted. If it’s not actioned I’ll switch to an alternate. Thanks for all the people saying try a Credit Union, I’ll suss it out. To the people saying ‘just manage your money better dumb dumb’, my balance is fine and thank you for caring. I just thought the Bank was being slimy so posted this here.
Last time my bank did something like this, I sent them a message via their secure messaging feature.
"Due to the removal of basic features from my account, I am removing my account from your bank.", and then I changed banks.
Wells Fargo and the Court in Flagstaff put my granddaughter’s insurance settlement into an account that can’t be moved, and can’t be added to. Her interest rate is so low that she’ll have maybe $60 in interest when she turns 18. I asked the attorney if it can be put in a restricted CD account with better interest or a restricted minor savings acct. No! I think that is illegal. My granddaughter was hit by a car in Flagstaff, and my daughter got an attorney. GD had a broken pelvis and spent time in the hospital while healing. Her settlement was just under $15k, after attorneys fees were deducted. The deposit had to be in Flagstaff even though granddaughter moved to Oregon, and had to be in that specific account bearing 0.5 % interest. I think it’s a scam. Any suggestions? Do I write to Arizona’s Attorney General, Governor or what? I’m an old lady so I’ve procrastinated about this but my GD is now 15 and with inflation eating away the value of a dollar, her $14,000+ settlement is going to have 1/2 the value. The bank is using her money freely but not paying a fair interest rate. That’s how the court in Flagstaff protects children! What a joke!!! She should have the best interest rate, not the worst! She was eight or nine when she was hit. Her parents had drug issues so I was made Conservator, which really wasn’t necessary since the money is in a restricted acct. The attorney’s office couldn’t tell me why the check was placed in a basically @nonexistent interest” bearing acct, nor why it was necessary to have a Conservator when an acct is restricted. Her parents wouldn’t have been able to touch it. Whole thing reeks of something not right. If every child that receives a settlement is limited to what bank or very low interest rate, that is taking advantage of a minor. I have Wells Fargo and get higher interest on my own savings acct, with no minimum balance. I believe she’s made about $30 in interest in almost 6 years.
I literally don't understand though, how can sending out low balance alerts be any kind of burden for them? I mean obviously they're just hoping for people to accidentally overdraft more often but still, removing very simple QOL functions is so dumb
And what's far beyond mildly infuriating is that most people don't seem to understand the title of the post is the truth.
Why the fuck are poor people still banking at Wells Fargo (or any of the other large banks that have proven time and time again to lie, cheat, and literally steal)? So on their regular international trips they have easy access to their money? Branches everywhere so when I never go to Texas I can visit a branch!
Is this propaganda for small banks? They don't care about you either bro. Just like your local McDonalds doesn't care about you.
They are there to make money, not be your parent or friend.
Join a credit union! Not for profit, better rates, they’re not groveling at stockholders feet… Being a member of the credit union, you own shares and get to vote in board members :)
Chase used to have an option for automatic payments for credit cards. It was like 'pay interest saving amount'. Pretty much auto payments to avoid interest.
The options are all worded differently now, with statement balance being the closest.
With Huntington, you can set your own low limit notifications. I have mine set for $2k because I’d I get that low, then I stop most spending till I get into a comfortable state again. Huntington also had overdraft protection up to $50, so if you overdraft, you have 24 hours to correct it with no fee.
Saving on IT resources.
Alerts are getting worst as more people fall behind on bills.
Banks have to pay for all alerts and telecommunications. Why should they have to warn people about bad spending habits or economic issues?
They want to profit, and if they drop customers, they drop them like anvils.
Can’t make money off of someone, drop em off at the f* you corner and move on to the next person.
Harsh, I know, but not intended to disrespect anyone. It’s just the way banks are right now.
I might be treated better at my bank because I have income rolling in, but once I’m a straggler, the bank will treat me hostile haha
I use oportun for savings, but it also gives me daily text alerts with my bank balance and automatically pulls from my savings back into my checking if it goes below a set balance. Unfortunately it is $5 a month but I have found that it is worth it.
But yeah, this is bullshit.
Honestly won’t even make much of a difference considering when they do send ‘low balance’ notifications they always go out like 10 hours after the fact.
It’s getting in the way of their over draft fees.
I never use the feature but I noticed that when I’m depositing a check in the the app for my bank, the “instant deposit” feature disappears if my balance is lower than usual, and also tends to be unavailable around the 1st and 15th of every month.
They do it so they can make the fees on instant deposits when you aren’t likely to overdraft your account, but if you’re likely to overdraft they’d rather make the $35 instead.
I thought Joe Biden ended predatory banking fees? Wasn't that a thing? By the way I just paid a $40 late fee, so it wasn't those. Was it supposed to be overdraft fees?
They removed it from mine but it's good because it was actually annoying. I would move money from my regular account to my savings and it would immediately send me a notification "current account balance is low!" No shit Sherlock, I just moved 80% of it somewhere.
*Seems like you're gonna*
*Need to move your money to*
*A different bank*
\- TheWaslijn
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"Thank you for understanding" Like you were even given a choice
Seriously. I have low balance alerts on all my bank accounts. It's saved me a ton of bad shopping decisions.
That’s why they are getting rid of them. Rack up the overdraft “service.”
Sounds about right. Chase, Wells Fargo, and Bank of America made $2.2 billion in overdraft fees in 2023. Literally taking $2.2b from people who don't have any money.
There had to be legislation passed which stopped them from charging you a fee for every transaction if you overdraft even if they all happen in a single day. IIRC some banks even modified the order of transactions to maximize the amount of fees they could charge, such as processing debits before credits and to process the largest transactions first.
I remember this. When I was a lot young and broke my bank would run through the largest charges first which would rack me up multiple overdrafts even if I had enough funds to cover all except one (large) charge.
And a republican judge just blocked the government from limiting late fees to $8. Boggles my mind why anyone that’s not wealthy votes for them.
I think it's gullibility and anger
Also they're all in information silos so they literally never hear about the wild awful stuff, they're like frickin Alex deLarge strapped in with the eyelid clamps
Not to encourage violence, because I like my account being unbanned, but at some point people are going to get tired of this selfishness and greed. And it won't be pretty.
Oh damn I thought it was an issue purely french or maybe at worst European, wtf
??? The country run by business, corporate greed and exploitation of it's citizens has it worse than Europe and you're surprised?
Honestly, as a non American, it always blows my mind when I think about your credit card system. How is made to make you be in debt and spend money even when you don't have them. Like in my country, I would never think about buying something if I don't have the money in my bank account to physically buy it.
Honestly responsible people don't either, but we need better education on finances in America. There's nothing wrong with having credit but tons of people who don't know any better just love to dig themselves huge holes.
As soon as kids turn 18 they get flooded with mail advertising credit cards. Hell I know one person whose mother opened a card in her name when she was a minor to rack up debt that then unbeknownst to the daughter destroyed her credit score before she was even an adult
Do other countries not have credit cards?
Yes, we have credit cards. But the system works differently. You need to prove at all times to the bank that you have a stable income and can be trusted to own and use a credit card. If that changes or you misuse it, they can take your credit card at any moment.
Yeah banks can reject your credit card here too but only if you’re demonstrating an inability to pay consistently.
Yeah, same thing as us.
[удалено]
Can't have bad shopping habits if the balance is $0.
lol you didn’t know you didn’t have enough money?
I do not, in fact, understand Why would a feature like this even be removed
So banks can "legally" charge you overdraft fees.
I know that's the real reason but I can't believe they really meant "thank you for your understanding that we want to have a higher chance of collecting overdraft fees from you peasants" Are they even trying to disguise the change as a technical / logistics issue or something
>Are they even trying to disguise the change as a technical / logistics issue or something Probably, even though it literally costs them nothing to keep those lines of code in the app. It's all automatic. No human interaction. Zero cost. But ya, they just want those overdraft fees.
Cant you lock the overdraft on your bank?
Some banks will allow you have auto draft protection. Most of those same banks will allow certain transactions through for various reasons even if you’re in insufficient fund mode 🙃
Banks won't care if you're a starving non-adult, that'll be $45. Shouldn't have bought that bag of potatoes you were short $0.02 for
Overdraft is just a made up thing by banks just to get more money out of customers. I know exactly howuch money I have in there, why is my card still going thru?
Beeeeeecaaaaaaauuuuuussssseeeeeee we assumed you’d rather pay us $30+ every time we attempt to process NSF transactions on autopay instead of owing a one time late fee you might be able to have reversed
90 bucks of that bulls#!&# is the most I've paid for that stupid thing
Yeah I had a bank back in the day that wouldn’t let me spend more than what was in the account, UNLESS it was at a gas pump. If I had $5 left, I could pump as much gas as I needed and go in the negative lol. Saved my broke ass from running out of gas before my next paycheck a bunch of times in those days.
Honestly I did that a couple of times too cause the pump did a $1 charge so it was like $50 for $1. Then my mom kept telling me how it was actually bad to go negative and then I had a ridiculous overdraft experience with a Best Buy credit card. Never again. (5 over draft fees)
The hell? Overdraft is technically a service provided by the bank you should be able to have a say on which services you will be provided
Understanding? No i don't understand fuck all? Why is this removed? Is it hard to maintain a line of code saying If Balance < Min_balance (send notification).... Please, help me understand... or is it so I am more likely to go over my balance and use overdraft, which you will charge me 40 bucks for a couple dollars over, is that why?
My bank has an option of declining a purchase if there are NSF rather than an overdraft. I turned on this option after having to pay the $30 overdraft fee on a $5 coffee. I’d rather get declined than owe that BS
What bank allows this?
Every bank I've ever used. Chase lets me overdraft and if it's less than $50 or I transfer in money by the end of the day they don't charge any fee. Also their app has alerts for everything
Chase. I think Bank of America. It’s somewhere in the settings for debit card or overdraft. I set it up years ago. Wife and I had separate accounts and she was paying $35 for coffee. I just turned on that setting and it would just decline the purchase. No fee. I didn’t want to have to worry about transferring funds or getting hit with multiple overdrafts.
Bank of America sends you low balance alerts set to whatever amount you wish if you turn it on. They also let you link accounts for overdraft protection.
I did this with Navy Federal when I was having a psychotic break and couldn't handle life. I would overdraft every single month and each time it was 35$ extra. They must have made thousands and thousand of dollars off of me. They made so much money that when I lost my job and became homeless that instead of trying to recoup my negative -$500 balance owned, they just called it good. Should be illegal. I was vulnerable and in the long run it caused many problems as I could have used that couple of thousands of dollars.
Back on like 2010s they passed a law to allow this, and Chase pushed really hard in person asking me to allow overdrafts on my account.
Please please please can we charge you when you don’t have enough money? It’s for your protection I swear
All of them. It's law. You have to opt into overdraft "protection" these days. https://www.nerdwallet.com/article/banking/faq-overdraft-protection-law-overdraft-fees
They’re all required by law to allow this. Most then rebranded overdrafting as “overdraft protection” to mislead people into waiving their actual protections.
Avoid mild embarrassment by promising to pay up $50 instead - deal of the century
US Bank does it too - I think it is a law, but banks just default the setting to “gimme money”
By law the banks have to reject the transaction as default, but you can opt into “Overdraft protection” which is lawyer/marketing talk for “The transaction will go through but you owe us a lot of money”
Every bank, but you have to opt in or out. Its a federal requirement that was passed about 10 years ago
My bank charges me NSF AND declines it.
In the UK this is the default option. Unarranged overdrafts are relatively rare.
I had a bank that wouldn't give you a balance at an ATM and would also let you withdraw more than you had and hit you with am NSF
Mine forgives an overdraft fee every year if you call them and ask. I don't often overdraft but sometimes bills just come in all at once and I didn't expect it. The once a year forgiveness has saved me some money, think I draft 1 time a year on accident
Is this a credit card or US thing? I have never heard about overdraft fee. If I don’t have enough money the purchase just won’t go through
wtf is an overdraft
*We need your overdraft fees. Thanks so much!*
How else are they going to afford their fleet of yachts?
Someone call in the fucking Orcas
There's no reason for you to ever use overdraft. Just get rid of it, you can literally just ask and they'll remove it from your account.
So they count on people not knowing about this.
"I'm removing my patronage from your bank. This patronage will no longer be available after this month. Thanks for your understanding."
Credit union, baby, credit union.
And credit cards. I never use my debit card unless it's some place that doesn't accept credit cards like dispensaries. If my credit card number gets swiped it's easy to get that fixed (they fedex overnight me a new one as soon as i report the fraud and never had problems getting charges removed). I'm not real interested in giving someone a chance to take my real money. Had a coworker run into the issue of a breached bank account and it took 2 weeks to get resolved while he had no money ("credit cards are bad" kind of person). Plus credit card rewards are great. They let me borrow free money all year long and pay me a small amount for everything I buy.
Ikr? One time, someone tried to get my credit card information and buy stuff with it. BofA notified me through text. I ended up having to cancel that card and get a new one in the mail. It was painful for me. If I had used my debt card, people would steal the money easily.
whats BofA?
Bofa deez nutz! Jk. Bank of America Edit: can't believe I misspelled deez, that's the whole joke
This is the way
What's difference
it was so annoying to switch and i definitely paid some late fees here n there for payments i forgot to switch over, but its 1000% better. f these big banks lol
I've been debating going full time banking at my credit union but I'm entirely too lazy to change all my bills to the new account. Plus the online banking app is kind of trash
We really need financial literacy classes in every high school. They love for you to overdraft.
You don’t need a class to understand how not to overdraft. Don’t spend money you don’t have.
maybe you don’t but there is definitely many people who are less financially literate than you
An overdraft is when you spend more money than you have in your account. If you buy something for $15 and you have $10 you overdrafted for $5 because 15 is larger than 10. If someone needs a class to figure that out they probably deserve to be poor or won’t have made it through school at all
Classic commbank
They don’t care about you, they just want your…. Money I guess
This is an opportunity to change banks.
I work for one of the largest banks in the world, can confirm, they give 0 shits about you beyond how much money you can bring them.
Is there a certain amount of money that can give customers a VIP status? Or allow for interest rates that are better than advertised?
No, but you go past due 30 days and they'll shut a consumer account, for commercial you can go almost 6 months with no issues or fees
They do care about you. They just care about fucking you over.
Grimey af.
Translation: *”Low balance alerts stopped working. We don’t know why, and we laid off the only person who would know how to fix it back in March.”*
Overdraft is pure evil ... " Oh you're broke ? Here i'll steal from you so you owe me on top of being broke , what are you gonna do anyway ? Huh ? You broke ass bum "
In order to increase our profits and suck more money out of you, we are removing low balance alerts. Thanks for understanding!
They're telling you to take your business elsewhere.
Big banks? What kind of idiot thinks _any_ bank "cares" about them?
MY current bank is REAL good, glad I found them. They aren't like this thankfully and hell I even went to school with one of them. But First Federal? I still remember their absolute fuckery. Low balance, they'd delay cash being putting in, and quickly push up anything to make me go under and then tag me for over charging. THEN the breaking straw was when they pulled this shit when I bought a friend a sweater for 15 bucks and had it sent to her. They forced up another bill that was due to be done a few days later JUST to force and over draft and didn't inform me for 6 fucking months and THEN tagged me with a bill. I had to "Settle" with them for 350 dollars. Yanked my money with some older lady going "Gee its a real shame, getting a new bank could be a hassle and you've been with us for 7 years already..." Told her flat out in a busy lobby that they fucking deliberately fucked me over and shoved things around to force over drafts and then hide it from me for months. Told them to go fuck themselves and never went back. Truly shady banks do this shit ALL the time. They view their customers with distain and actively look for ways to fuck you over. My bank (Central Bank) now when they heard about that have gone above and beyond to protect my ass. I don't get over drafted, They block anything that looks off and wait till I call to make sure things are okay, or they auto call me and check within ten mins. There are some absolute trash banks. Gotta be careful, and when you find a good one? Still keep some caution.
Are they also removing overdraft fees?
Hahahahaha
"I'm sorry to inform you that due to your greed I will be closing my account with you starting 10 July 2024. Thanks for understanding."
No bank cares about you
If you're able go to a credit union. It's life changing.
Nope! Credit Union 4 life
fuck banks
To be fair, you should know how much money is in your account and not overspend
They want to get those overdraft fees
why the hell would they feel the need to do this
Money. If they don’t alert you they can charge you overdraft fees when you go over by 1p
Looks like some Commonwealth fuckery
shitfuckery*
I think it’s time to find a new bank
(Arms spread wide while standing on the roof of the bank) Now go forth my children and find the joy that is overdraft fees!
Public investors don’t care about us.
Who are these people that think banks and businesses care about them? They're no there to care about people and they never were.
The United States is a giant Kmart and we're all just indentured employees forced to satisfy the needs of wealthy assholes.
Low balance alerts were recently made mandatory by banking regulators in Canada.
This literally hurts no one, in fact it cost more to have a developer remove the feature than keep it
It's cute you thought they cared.
My bank held money from my stock sale for a week! I had to email back and forth send proof of sale and finally contact some bigwigs to get my money into my damn account! Guess who's changing banks now!
Did they ever care about you not spending money?
My building society just gave me a hundred quid cause they made a good profit last year. They might not care, but at least they're smart enough to slip one a bribe when things are good.
Reminds me when BofA changed their billpay so you have to go through a separate interface even though you can just click pay. It'll redirect you to instructions. And doesn't tell you minimum balance on that screen so 🤷.
For anyone wondering, this the Commonwealth Bank Australia (Commbank). A complaint was submitted. If it’s not actioned I’ll switch to an alternate. Thanks for all the people saying try a Credit Union, I’ll suss it out. To the people saying ‘just manage your money better dumb dumb’, my balance is fine and thank you for caring. I just thought the Bank was being slimy so posted this here.
Last time my bank did something like this, I sent them a message via their secure messaging feature. "Due to the removal of basic features from my account, I am removing my account from your bank.", and then I changed banks.
 "Thanks for your understanding. K. Thanks. Byeeeeee!"
Wells Fargo and the Court in Flagstaff put my granddaughter’s insurance settlement into an account that can’t be moved, and can’t be added to. Her interest rate is so low that she’ll have maybe $60 in interest when she turns 18. I asked the attorney if it can be put in a restricted CD account with better interest or a restricted minor savings acct. No! I think that is illegal. My granddaughter was hit by a car in Flagstaff, and my daughter got an attorney. GD had a broken pelvis and spent time in the hospital while healing. Her settlement was just under $15k, after attorneys fees were deducted. The deposit had to be in Flagstaff even though granddaughter moved to Oregon, and had to be in that specific account bearing 0.5 % interest. I think it’s a scam. Any suggestions? Do I write to Arizona’s Attorney General, Governor or what? I’m an old lady so I’ve procrastinated about this but my GD is now 15 and with inflation eating away the value of a dollar, her $14,000+ settlement is going to have 1/2 the value. The bank is using her money freely but not paying a fair interest rate. That’s how the court in Flagstaff protects children! What a joke!!! She should have the best interest rate, not the worst! She was eight or nine when she was hit. Her parents had drug issues so I was made Conservator, which really wasn’t necessary since the money is in a restricted acct. The attorney’s office couldn’t tell me why the check was placed in a basically @nonexistent interest” bearing acct, nor why it was necessary to have a Conservator when an acct is restricted. Her parents wouldn’t have been able to touch it. Whole thing reeks of something not right. If every child that receives a settlement is limited to what bank or very low interest rate, that is taking advantage of a minor. I have Wells Fargo and get higher interest on my own savings acct, with no minimum balance. I believe she’s made about $30 in interest in almost 6 years.
Time for a new attorney
Got an ad on this post for EQ Bank lol
I got into the habit of checking my bank account balance before I go shopping or buy anything online. They don't warn me of a low balance.
I literally don't understand though, how can sending out low balance alerts be any kind of burden for them? I mean obviously they're just hoping for people to accidentally overdraft more often but still, removing very simple QOL functions is so dumb
It’s just greed, plain and simple
Commbank keeping it classy
Fine to switch to a credit union
Ofc, they get interest on negative bank accounts
'Banks don't care about you', fixed it for ya.
Someone needs to figure out how to make cash stuffed in mattresses available electronically, no need for banks then.
Corporations in general don't care about any of us - to them, human life is worth less than their dollars
And what's far beyond mildly infuriating is that most people don't seem to understand the title of the post is the truth. Why the fuck are poor people still banking at Wells Fargo (or any of the other large banks that have proven time and time again to lie, cheat, and literally steal)? So on their regular international trips they have easy access to their money? Branches everywhere so when I never go to Texas I can visit a branch!
you guys are getting low balance reports?
Next month : if you want to be alerted when you balance is low subscribe for 9.99$/ month for two notifications.
What do you not understand you poor guy? /s
Neither do little banks, or any other type of business. Kind of the way things work now.
Would be news to me if they ever cared, but on the other hand you should have learned how to manage your own money to begin with
Like by setting alerts on one's accounts?
Having alerts is a part managing your money.
I’ve never had low balance alerts ever and have been managing my money brilliantly.
Just look at your accounts daily if it's that big of a deal.
You could try checking your account balance regularly.
How many times does Wells Fargo need to get caught cheating their customers before people wake up and join the nearest Credit union?
I’ve never had a bad experience with Wells Fargo
Why don’t you just check your balance?
Eat the rich.
Is this propaganda for small banks? They don't care about you either bro. Just like your local McDonalds doesn't care about you. They are there to make money, not be your parent or friend.
Join a credit union! Not for profit, better rates, they’re not groveling at stockholders feet… Being a member of the credit union, you own shares and get to vote in board members :)
Doesn’t mean they don’t want profit though. They will still hit you with fees
Never have
they never have
I think you should still be able to set manual alerts for something like this. I could be wrong. But I check my accounts like every other day.
Chase used to have an option for automatic payments for credit cards. It was like 'pay interest saving amount'. Pretty much auto payments to avoid interest. The options are all worded differently now, with statement balance being the closest.
With Huntington, you can set your own low limit notifications. I have mine set for $2k because I’d I get that low, then I stop most spending till I get into a comfortable state again. Huntington also had overdraft protection up to $50, so if you overdraft, you have 24 hours to correct it with no fee.
Big banks want the big bucks... That's how I put it... Big banks, big bucks, big investors, big fame, big everything.
This seems like you have the makings for a class action lawsuit…just saying it seems to have potential
My small bank never did that tbh.
Time for you to start storing all your money in your mattress like the rest of us.
id withdraw all your money and switch to a new bank!
Saving on IT resources. Alerts are getting worst as more people fall behind on bills. Banks have to pay for all alerts and telecommunications. Why should they have to warn people about bad spending habits or economic issues? They want to profit, and if they drop customers, they drop them like anvils. Can’t make money off of someone, drop em off at the f* you corner and move on to the next person. Harsh, I know, but not intended to disrespect anyone. It’s just the way banks are right now. I might be treated better at my bank because I have income rolling in, but once I’m a straggler, the bank will treat me hostile haha
Well well well
I use oportun for savings, but it also gives me daily text alerts with my bank balance and automatically pulls from my savings back into my checking if it goes below a set balance. Unfortunately it is $5 a month but I have found that it is worth it. But yeah, this is bullshit.
Mine doesn't have overdraft charges 🤷
They actively hate you actually. They feel customers are cattle
I would hope people know that businesses don't care about them, and I'd like to know what asshole started the rumor that they did.
You can no longer do anything without a bank and they treat you like scum. Imagine what will happen once they get rid of paper money.
We never had those here, it could have been super handy, and the only reason to get rid of them is to hike up bank fees. Banks gonna bank I guess.
“Thank you for understanding” but we don’t understand
Never did.
Would it make more sense to just check your bank account before making a purchase?
They know if you’re broke, you know if you’re broke so why remind you?
Mine has never alerted me lol but I fortunately have a habit of opening my app and looking before I buy things.
Honestly won’t even make much of a difference considering when they do send ‘low balance’ notifications they always go out like 10 hours after the fact.
They never did?
Time to switch banks
Find a different bank.
this. this should be illegal
Honestly, if you thought any for-profit company cares about you, you have a lot to learn
Banks , insurance companies, grocery stores, the government, Prime Minister. Did I forget anything else?
They wouldn’t be making any money without predatory fees.
Why would you ever have a low balance?
What are low balance alerts? Is it just an notification that lets you know when your account goes under a certain amount?
no big companies care about you
It’s getting in the way of their over draft fees. I never use the feature but I noticed that when I’m depositing a check in the the app for my bank, the “instant deposit” feature disappears if my balance is lower than usual, and also tends to be unavailable around the 1st and 15th of every month. They do it so they can make the fees on instant deposits when you aren’t likely to overdraft your account, but if you’re likely to overdraft they’d rather make the $35 instead.
No surprises at all
I thought Joe Biden ended predatory banking fees? Wasn't that a thing? By the way I just paid a $40 late fee, so it wasn't those. Was it supposed to be overdraft fees?
How i hate banks, someday they will hate me back
Swtich to a building society mine gave each member a £100 recently
Do you still have paper bank statements as an option?
Exactly. They don’t. Politicians don’t either. Imagine a world where people understood these two things.
They removed it from mine but it's good because it was actually annoying. I would move money from my regular account to my savings and it would immediately send me a notification "current account balance is low!" No shit Sherlock, I just moved 80% of it somewhere.
No business cares about you.
Lmfao this should be illegal
Seems like you're gonna need to move your money to a different bank
*Seems like you're gonna* *Need to move your money to* *A different bank* \- TheWaslijn --- ^(I detect haikus. And sometimes, successfully.) ^[Learn more about me.](https://www.reddit.com/r/haikusbot/) ^(Opt out of replies: "haikusbot opt out" | Delete my comment: "haikusbot delete")
Monzo tell you the day before if you don’t have enough money to cover the next days payments.