Bank Figure

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Frequently Asked Questions...

Any banks out there offer overdraft block?

If you use your debit card and there are no funds
it would simply turn the card down.
Therefore, no overdraft fees.

Like the way it used to be a few years ago,
before banks figured out they could make oodles of money by allowing transactions to go through.


Best Answer...

Answer:

Most banks do have this ability, but do not make it easy to get or well known. It may take talking to a few people to find out the exact process for your bank. However, remember that even if they block your Debit Card you can STILL overdraft.

Here is one example.
When you go to a Gas Station where you pay at the Pump, they may only authorize $1. If you have $30 in your account it will let you pump the gas. However, if you pump $33 when the real charge goes through it will overdraft your account. Because by law a bank can not reject a transaction that was previously authorized on a Debit/Credit card. It does not act like a check where they can return it for NSF. So since it was already authorized your bank is required by law to pay it. Since you are now over drafted you will still be hit with the fee, form or no form.

Another downside is that you wrote a check to a store for $40 and only had $30 in your account. It hits your bank account but the bank returns the check as an NSF. So the bank won't charge you an overdraft fee, but the store will charge you a returned check fee. Depending on the laws of the state you are in it could be 3 times the check amount(or more). Where your bank would hit you with a $30-36 fee.

So, as always the best(and safest) thing to do is keep track of your own balances so this can not happen.