B] I'd rather have my card declined and not dig myself into a hole, than to buy something and find out later that my account balance is $-35 or more because I wasn't paying attention to my funds[/B].
Not@you in particular
And that's EXACTLY why I dont see it as a scheme or scam. As a customer you have the OPTION to have ALL your transactions declined if the money isnt in the acct W/O receiving a fee. Also, another thing people do is set up recurring payments but dont schedule it right to make sure money is in the account. Is it the bank's responsibility to make sure u have $ in the acct when you write checks or have auto debits or the consumer? My advice, if you're going to set auto debit, tell the merchant to schedule on a day after payday.
Trust me, im not a fan of banks at all, but most people just are to lazy or scared to ask for help to organize their spending.
Alotta people claim they read over the terms n after they use the od funds call back n complain about the fees...cussin & screaming for a refund. Every bank/credit union different...some people just dont like take personal responsibility n read terms.
THIS. Most people dont read the terms at all. When I open an acct for a client/customer, I stress to read the booklet to learn how to avoid misc. fees. I also say "i know you probably not going to read it so just pay attention to these section I highlighted" I also explain to them about withdrawing more than 6 times per statement cycle from any US bank savings acct will incur a $5 for every additional 1. most bankers dont. I saw a customer with over 125$ in fees just from saving withdrawals alone. SMH it was sad cause I knew there was a 9/10 chance a banker didnt tell him.
Yea but ODP is a scheme to make banks money and give the customer the false impression of security. Our whole way of thinking is screwed..if you're financially literate ODP would not be needed. Banks make most their money from fees. Some credit unions don't even give the option to opt out of ODP; you can let the transaction go thru and get charged OR get the transaction denied and still get charged. That's why I switched to a diff CU. If there's no funds to cover the purchase it just gets denied, no fee whatsoever.
Another thing banks (can) do is debit your account not in the order of when you made your purchases, but at the amount, starting from largest to smallest. That way you could potentially incur multiple OD fees versus one.
again, when I see the word scheme, i think scam. I believe it is an option. I worked at a bank for years(8)and never signed up to ODP 1 time in my life. I OD 1 time in my life cause CABLEvision lied to me. They(cable)credited me back the money & additional credit. If you're in a financial institute & they telling you that you HAVE to sign up for anything, I will leave that institution.