Chase Student Starter Pack
in Banking, Insurance & Loans ·
Hey everyone, I’ve got a question for the group. I’m on one of those student banking packages, but honestly, I don't touch credit cards or online banking at all. I just use my debit card for whatever my parents transfer to me, and every month, they hit me with that $1.75 service fee. On top of that, I have an overdraft limit of about $150, which—let’s be real—I’m constantly sitting in. My parents send money every month just to clear the negative balance, so it’s a constant cycle. Can anyone explain how the interest on an authorized overdraft actually works? It's listed at around 8-9% annually. Does that mean they’ll just calculate the interest and one morning I’ll wake up to find the money gone from my account? I’m asking nicely here—can someone break this down for me in the simplest terms possible? Interest for dummies, please. Thanks 🙂