Why do banks allow unauthorised overdrafts anyway?

Cleany

mr.brightside87 wrote: »

Blatant profiteering of those who are vulnerable. It's all to keep the high earners happy.

It's disgusting. It really is. And to think the ones they are pooping on have helped them out! Sure doesn't feel that way!

I am now going to have to find a dead end job after uni to pay my main debt before I get my profession and have to pay my student loan. That's if I can even open up another bank account

Wait a minute - you're going to have to ... find a "dead end" job?! That's appaling it really is! Surely you have a right to make simplistic moral statements about the rest of the world without having to work in an unrewarding job like many people?

And to say that you might not be able to open another bank account - what is this world coming to? Perhaps you should write an open letter to the poor and opressed of the world telling them that if you can make it - then so can they.

deadendwaterfall

Sorry to bump an old thread, but I feel it might be worth pointing out that another way you can go into an unauthorised overdraft is with a contactless debit card, as at many shops, when using such a card, the authorisation process is slightly different to the Chip & Pin authorisation process, in that it doesn't check straight away you've got sufficient funds. So when the transaction is processed a few days later and it's a day before payday for example and you still don't have the money in your account to cover that transaction, it's another way of going into an unauthorised overdraft.

I made that mistake once, but learnt from it.

Geoff1963

Banks can charge for the request, whether they pay it or not ; so paying it, is the least-worst option. If you have just eaten a meal, that is not the best time to discover your card won't cover it.