I always heard Americans complaining about overdraft fees and how they can make a bad situation even worse, but I never understood exactly how it works.
In Croatia, you can go into negative balance on your account up to a limit depending on your income. You pay monthly interest on your debt and the interest is about 7-10% of the amount. So if you go 100$ into negative balance for 2 days and then pay it off you will need to pay 2/30*8% of 100$, which is about 45 cents.
Are overdraft fees in USA a fixed amount applied the moment you go into negative?
Submitted June 05, 2021 at 03:19AM by IxyCRO https://ift.tt/3yY1TmF
