Bank of America to discontinue automatic Over Draft Protecti

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NightStar

Joined: 10 Mar 2010
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Posts: 143
Location: Illinois

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Subject: Bank of America to discontinue automatic Over Draft Protecti

Thu Mar 11, 2010 6:51 pm

http://online.wsj.com/article/SB10001424052748704784904575112430638527 738.html?mod=rss_Loans_and_Credit

Consumers are no longer going to be approved for over draft at point of sale. Which caused $35 dollar fees without the consumers knowledge. Now over the amount available transactions will be refused.

If a consumer does want this service they can opt-in

Still over draws at an ATM will generate an Over Draft Fee.

It is finally time that banks stopped bilking customers.
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Aaron

Joined: 08 Feb 2010
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Posts: 2675

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Subject: new rule on overdraft fee by BOA

Fri Mar 12, 2010 6:36 am

Hi Nightstar,

This is a fantastic rule to stop banks from charging overdraft fees without the customers knowledge. According to the Federal Reserve, no bank can charge an overdraft fee without the customer opting for it. The banks are also required to provide the customers with a detailed notice of their overdraft services.

Thanks,

Aaron
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NightStar

Joined: 10 Mar 2010
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Posts: 143
Location: Illinois

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Sun Mar 14, 2010 4:37 am

I think there was an actual law passed, it should be only a matter of time until all of the other banks fall in line.
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