Re:Credit Scores Can Run – and Ruin – Our Lives
by radicaldreamer on Wednesday May 25, 2022 @11:54AM
(#31506327)
You’re looking for a revolving credit line
Re:Credit Scores Can Run – and Ruin – Our Lives
by JumpCrisscross on Wednesday May 25, 2022 @11:57AM
(#31506365)
> You’re looking for a revolving credit line
Or an account that does not permit cheque writing and will bounce a transaction instead of letting it overdraft.
Re:Credit Scores Can Run – and Ruin – Our Lives
by nullfield on Wednesday May 25, 2022 @06:20PM
(#31511441)
This is the requirement now-affirmative consent/opt-in:
https://www.nafcu.org/compliance-blog/overdraft-protection-m...
If they make it really easy for you to opt in/a quick checkbox then they can make money. That said if someone is living so tight and wants a transaction declined if their account doesn’t have the funds, the financial should make that easy and obvious to do. Behaving otherwise is predatory.
Re:Credit Scores Can Run – and Ruin – Our Lives
by nicoburns on Wednesday May 25, 2022 @12:43PM
(#31507003)
> Or an account that does not permit cheque writing and will bounce a transaction instead of letting it overdraft
Seems like the problem might be that this system will also prevent people who have a bad reputation in it from getting one of these accounts?
Re:Credit Scores Can Run – and Ruin – Our Lives
by JumpCrisscross on Wednesday May 25, 2022 @01:36PM
(#31507781)
> this system will also prevent people who have a bad reputation in it from getting one of these accounts?
Could. In practice, plenty of banks fill this niche [1].
To clarify, if you've had a checking account closed because of outstanding fees, and you never paid those fees, it will show up in ChexSystems.
This deserves scrutiny, e.g. for bad record keeping. But at its core, if you're regularly borrowing via overdrafts and bouncing checks, you're looking for a different banking product than the garden-variety checking account.