Late Stage Capitalism
A place for for news, discussion, memes, and links criticizing capitalism and advancing viewpoints that challenge liberal capitalist ideology. That means any support for any liberal capitalist political party (like the Democrats) is strictly prohibited.
A zero-tolerance policy for bigotry of any kind. Failure to respect this will result in a ban.
RULES:
1 Understand the left starts at anti-capitalism.
2 No Trolling
3 No capitalist apologia, anti-socialism, or liberalism, liberalism is in direct conflict with the left. Support for capitalism or for the parties or ideologies that uphold it are not welcome or tolerated.
4 No imperialism, conservatism, reactionism or Zionism, lessor evil rhetoric. Dismissing 3rd party votes or 'wasted votes on 3rd party' is lessor evil rhetoric.
5 No bigotry, no racism, sexism, antisemitism, homophobia, transphobia, ableism, or any type of prejudice.
6 Be civil in comments and no accusations of being a bot, 'paid by Putin,' Tankie, etc.
view the rest of the comments
No kidding! Way back in the 80s I had a US Bank account called "The Only Account". It was a checking and savings account where checking always had a balance of zero. When I wrote a check or withdrew money from an ATM, they automatically transferred money from savings to checking to cover it, and that was that. No overdrafts. Ever. There was an annual fee of I think $20/year.
I don't know where that idea went, but banks and even credit unions now act like they never heard of such a concept. "Overdraft protection" consists of loaning you the money, no matter how much you have right there in your savings acct, and they charge a fee each time and of course start charging interest on the loan. Ridiculous.
Some finttech cash management accounts offering this.
I didn't realize it was a thing before. 2000s was peak fuck the pleb over draft fee bullshit.
My credit union has this. That feature has kicked in for me a few times for me just this year.
You didn't explain what would happen if your checking account had a $0.00 balance and your savings account had a $0.00 balance.
Seriously can someone tell me what happens? Because money keeps coming out of my savings...
If you flat out had no money I believe the check would bounce. At least I don't remember ever hearing of the scheme where they loan you money to pay the check even if you have it until I moved to Seattle and merged into my wife's credit union. If your CU has an only-account type feature you should check your statement to make sure money that moves out of savings is to cover checks or debit transactions that would have come out of the checking account.
That is not universal, many financial institutions let you set it up so that your savings automatically covers overdrafts.
I've had that be the case in my Ally accounts since like 2010 at least, for no fee. Hell, Ally doesn't even charge overdraft fees at all anymore, apparently.
Srsly? When I had the Only Account it was in Oregon, then I moved to Seattle and couldn't find a bank with that feature. Even US Bank, where I had the account in Portland, didn't have it in Seattle. The clerk gave me a kindergarten explanation of how it's not one company, it's more like a family with lots of cousins all over. I LOL'd mentally because I knew it for a fact was and is one company (I had even traded their stock in the past, symbol USB). But anyway apparently their accounts and features varied by state and Washington state didn't off thar type of account. I will have to look around again now, thanks!