Debit cards are hidden financial infrastructure

Re:Debit cards are hidden financial infrastructure by klipt on Friday November 12, 2021 @10:28PM (#29207132)

Yes they reordered transactions to maximize their money. E.g. you have $495 in the account, and you spend:

-$5: $490 left

-$5: $485 left

-$5: $480 left

-$500: -$20 left, overdraft fee of $40, $-60 left.

They will reorder it as:

-$500: -$5 left, overdraft fee of $40, $-45 left.

-$5: -$50 left, overdraft fee of $40, $-90 left.

-$5: -$95 left, overdraft fee of $40, $-135 left.

-$5: -$140 left, overdraft fee of $40, $-180 left.

[ Parent | on HN ]

Re:Debit cards are hidden financial infrastructure by Aerroon on Friday November 12, 2021 @10:51PM (#29207207)

Wow.

Yeah, the bank employees involved in this should go straight to jail.

[ Parent | on HN ]

Re:Debit cards are hidden financial infrastructure by Avshalom on Saturday November 13, 2021 @08:35AM (#29209581)

And of course even if you deposited a check that day it wouldn't clear until the next business day so you'd pay a negative account balance fee for three days before your money hit.

[ Parent | on HN ]