Overdraft Protection: Why Bother?
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Overdraft Protection: Why Bother?Overdraft Protection: Why Bother?Many millions of people will face important choices#x about theirState Flagschecking and credit card accounts in the coming months, though this week one of the biggest banks made one of the decisions for them.Bank of America shocked competitors on Wednesday when it announced it was doing away with overdraft fees for debit card purchases.Starting this summer, the bank’s checking account customers who don’t have enough money to cover their purchases will, in most instances, not be able to use their cards to complete the transaction. Bank of America (and many of its competitors) had often been letting the charge go through despiteState Flagsthe lack of funds and then hitting the customer with a fee of about $30.Bank of America could have allowed customers to sign up for debit overdraft coverage. In fact, it would have had to, because of new rules forcing banks to set up an “opt in” system for most debit card purchases and A.T.M. withdrawals (banks will still be able to automatically cover overdrafts from recurring monthly bills and bounced checks). But the bank simply decided not to, citing feedback from checking account customers who did not want to spend money that they didn’t actually have.If you take the bank at its word, that feedback suggests that there are not a lot of people who are going to choose overdraft coverage elsewhere. And the same logic probably applies to going over the credit limit on a credit card. There, too, banks now have to get customers’ permission before allowing them to charge more than their limit. And there, too,ATM Parts, Bank of America has elected not to ask; instead, it #xwill either cut customers off or, at its discretion, allowState Flagssome transactions to go through fee-free.相关的主题文章：
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