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Banking Morality and Libertarians

In college once spent $28.35 on a coffee from Starbucks.  How could I have been so foolish? In the morning, I deposited a paycheck into my checking account.  I then used my debit card - which the banker helpfully told me was not a credit card, but instead was linked directly to my checking account - to purchase a coffee. Due to the bank's accounting practices, I incurred an overdraft.  Although my card was not declined, I later learned that I had insufficient funds in my account at the time I purchased my coffee.  How? Under Bank of America's accounting rules, each day's transactions were re-arranged at midnight.  Deposits were ordered last - regardless of when one actually made them.  Also, the largest purchases were placed first in the queue...continue to full post

Full post as published by Crime & Federalism on October 17, 2010 (boomark / email).