11 March 2010
Bank of America Eliminating Debit Card Overdrafts
I previously blogged about a situation which I am not proud of in which I racked up some overdraft fees from Bank of America due to a lack of planning. Then a few months ago, I told you about the fact that BOA was limiting their fees to only $140 a day. Now I have the pleasure of announcing that Bank of America will be eliminating the ability to overdraft with a debit card at all. It’s a shocking new idea: If there is no money in the account, the transaction will be declined. I’d much prefer to be told that I can’t pay for my $5 lunch than to enjoy my $5 lunch to find out that I was actually paying $40 for the privilege. There is a new federal regulation that will require banks to gain permission to allow you to overdraft, but BOA took it another step and eliminated them altogether. I’m not quite sure what their motivation is on this one? That is cutting off a huge revenue stream for them. Maybe my angry calls to customer service got to them…
The article on MSNBC: http://www.msnbc.msn.com/id/35788511/
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