I had $50 in venmo, which I used to purchase groceries, because my bank account is currently negative.

Instead of using the $50 in my bank account, instead, a week later the $50 came out of my bank account, not touching the Venmo balance at all.

So now I have an overdraft fee, effectively meaning I paid 1.5 times for those groceries.

I don’t have “overdraft protection,” I’ve told my bank I don’t want overdrafts to go through, but fuck me for being poor I guess.

  • lmmarsano@lemmynsfw.comEnglish
    1·
    30 days ago

    overdraft fee

    Banks & brokers without those are common, especially online ones. I’ve switched to online ones & never had to think about them.

    • They block overdrafts without charging a fee.
    • Deposited cash often earns high interest rates.
    • Large ATM networks or ATM fee refunds.
    • Well documented policies.

    They beat the credit union I had in every way, especially in the documentation (an unusual pain point with my credit union). Some guides

    Financial planning/advising services (perhaps through work) may offer good guidance, too.

    • A_Random_Idiot@lemmy.worldEnglish
      1·
      30 days ago

      Online banks have one major drawback, and that is the difficulty they typically have with getting cash into them.

      Checks/Transfers/Etc? no problem.

      But getting cash into it is a big PITA.

      • lmmarsano@lemmynsfw.comEnglish
        1·
        30 days ago

        Is that not the purpose of their ATM networks? Though I never use them, I read some offer deposits that way.

        I’ve always direct deposited or scanned checks. If someone needs to send me cash, it’s always through some service like Zelle, ACH, or online bill pay.

        I don’t like to carry cash. Cards, digital wallets, & ACH meet all my needs. I can see how that’s a PITA for those who do, though.