this post was submitted on 17 Jul 2025
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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.
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...
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.
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.