I have stayed here for one year and a half, but it still difficult for me to adapt. So I am going to tell something different from China.
There is a artical on the "The New York Times" on September 9, 2009, called "Overspending on Debit Cards Is Painful, but It's a Boon for the Bank." The artical says that the banks will let you overspend ,but if you overspend the bank will charge quite much fees for overdrafts. I have a experience on it. About a year ago, I didn't know the overdraft fees at all at that time, because in China, we have the quite different bank system. If your card is not credit card, then the banks will not allow you to overspend.They will make your card unavailable if you exceed your balance. So I overspent about $10, after that the bank charged me about $130 for overdraft fees. I was really shocked at that time. After that I became very careful about my balance, I never let it overspend anymore.
This is one difference between United States and China, I will tell some other difference in future.
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wow! That's not a good experience! Fortunately I have never had that happen, but I can imagine it is not fun!
ReplyDeleteIt is really not a good experience. I will not let it happen any more.
ReplyDeleteI read the same article and was quite disgusted what some banks do for instance rearranging the purchases so people have to make larger overdraft fees. I also once overspent and quickly learned the lesson to check my balance
ReplyDeleteVivian,
ReplyDeleteI experienced the same thing here with the US bank.. The bank in Vietnam also has different system. I was charged 143$ for overdraft fee..But one thing i was disappointed by the service that us bank offers me..
They didn't even open an online checking account for me and warn me abt the overdraft fee as the beginning!