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Here is a chunk of wisdom for younger people, primarily, but also for anyone:
Banks can and do the following, legally:
You fuck up, simple as that. You make ten charges to your debit card for $10.00 each on the day when you have exactly $100.00 in the account.
THEN you make one more charge for $100.00.
So, you would think, those FIRST ten debits, totalling your $100 bucks would clear and you would be overdrafted for the final $100 bucks.
Guess again spanky.
They will clear the $100.00 charge and bounce the other TEN to make more money. It is legal, and it happens all the time. Happened to a good friend of mine a few weeks back.
She went to the bank and was told: "Read your agreement. We reserve the right to process your charges however we want, and there's nothing you can do about it."
It WAS legal. She was fucked. THEN they offered to remove the charges if she signed up for a bank credit card and overdraft protection scheme for 18% interest.
Snakes, all of them.
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