I just spent over an hour on the phone reversing 420$ in "overdraft fees". Rather than declining the sale, the bank "does you the favor" of accepting the transaction and "not worrying" you so you won't experience the anxiety of fixing the mistake you made and transferring to the correct account. This can go on for days and weeks until you are ruined.
Even after speaking to a rep over replacing a missing card, I had no clue what was happening to my account. They claim they "can't call everyone". I claim they would "rather not call anyone and forego interest rates close to 100%".
Anyway, after arguing my way to the middle, I got my money back, and thanks to new legislation, I can now opt out of the "service" they sneaked in to my account when I wasn't looking. So now my account operates as it used to. Of course, if another bank starts marketing itself as non-usurious and ethical, I will be very susceptible. Being rational. That's my revenge! hah!
This is an unethical practice they do, and while I have enough cash to catch their attention and get my way at the moment, poor customers who can't afford this have no leverage. 420$ could easily be half a month's total expenses for someone. Or food for a family, or even heat. That kind of usury only leads to more problems, more fees, and eventually the street.
So call your bank, and tell them you don't approve and want to opt out of their latest "service". Tell them if you want to pay those rates, you will find a loan shark.
there, I feel better. I'm in the right forum, right?