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this post was submitted on 17 Jan 2024
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Overdraft fees should just be illegal. Bank knows how much money is in there. Don't allow withdraw if it's insufficient.
What happens if you have $5 in your account and visit two stores and purchase something for $4 in each store? Not all stores process transactions immediately. Is the store supposed to just accept the loss and the bank doesn't honor the transaction? I think if it's a credit based debit card overdraft has to be a thing in order for this to work.
This might be one of the unintended side effects of the law. If you have a low balance account or a 'bad' credit rating. Banks might simply stop offering debit cards that work on credit card stations.
This probably won't happen unless overdraft fees are underwriting the risk of unpaid overdrafts. I'm not sure how many people just cancel or abandon accounts that go negative. I'd guess that it's low but only banks would have the actual numbers.
in the USA at least the CHEX system largely prevents this. Essentially if you abandon a checking account that is negative, you get put into the CHEX database. When you go to a new bank to open a new account, the new bank looks at CHEX and sees what you did, then won't give you an account until you go back to the first bank to get cleared. Nearly all banks use CHEX or something like it. So unless you're just writing off the option to do retail banking, you won't be able to abandon accounts.