The hidden cost of using a debit card 💳

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If you don’t have enough money on your debit card to purchase something, the purchase will still go through. The bank covers it for you, and instead you have to pay a $30 overdraft fee. Usually, if you call the bank and let them know they can waive that fee for you!

Let me know your thoughts in the comments!

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[faaresq-moneytips]

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[CaptainZer]

Funny how I'm being taught the EXACT opposite in my financial math class currently.

[mxm-ok]

Misinformation like I’ve never seen it before I love it

[donnyy]

Most debit card accounts typically have optional overdraft, dont forget to mention that.

[mr.niceguy]

Overdraft is optional so if you aren't using it, the card will just decline if you don't have enough money.

[vexpex]

Me: buys a lambo when i have 2 cents in my account

[sharky_]

I was so confused on why the debit card was the one going through when it should’ve been the credit card going through but the overdraft cleared it up

[wirelessriver]

🤨 it's literally the opposite. Most debit cards decline and credit just run to ur credit limit. Also they have NEVER waved the fee for anyone I know

[yuriinosach]

In Ukraine, credit cards can usually have personal funds alongside credit limit.

If you personal funds are over, the credit limit is used.

Then you transfer money to the card and credit is paid off.

You may even set credit limit to 0 (banks do this as well if a person has bad credit score) and use a card like it's a debit card.

It's often more profitable than debit card because credit cards usually have zero fees for transfers between cards.

[nawabkhan]

This doesn't happen in the uk. Over here debit cards decline if you arent signed up for overdraft

[emilb.]

I believe most debit cards in the US are a fusion element that work like a credit card to the bank. In my country, which is located in Europe, banks typically offer three categories: exclusively credit, with an applied limit, where the card holder pays back the bank with their checking account; 'hybrid?' cards where you own the money deposited on the card, but the bank can cover up to say €100 so you are not leaving empty handed from the store; and exclusively debit cards that WILL get declined if the funds do not cover the amount.

[YassJuni]

Fun fact if you use an online back like current or upgrade you wont get charged, lots of the time they wont let it go negative, also some have overdraft protection

[Kangiru_Noah]

Mine is the opposite if i pay the amount that is more than what my account hold, its gonna refuse it

[penguinpro]

In most countries you will need to have given your bank written permission to allow them to give you overdrafts

[MXALOVE]

Better to have a bank that covers overdraft with no fees, on second thought better to not overdraft at all- what are you *DOING!?!*

[MetalVII]

You can turn off your overdraft.

That’s my advice.

[Gogeta]

You don’t pay them back = mortal kombat fatality

[ykgcolis]

You can actually make the choice when opening a checking account so it won’t go through if you buy somthing that cost more that what you have in the bank

[ck]

In my country it's the opposite. Debit cards are used to pay with the money from your account and by credit cards you just borrow money from the bank and then pay it off.

[Regina.]

I'm going to be getting a debit card at some point this year so this is helpful