Beggining yesterday [Tuesday] the bank announced plans to get rid of the $35 overdraft fee on customers debit card purchases, so going forward if there’s not enough money on your BOA account the transaction will be rejected. “What our customers kept telling me is ‘just don’t let me spend money that I don’t have,’ ” said a senior bank executive about customer reaction to the old policy that helped banks bring in about $20 BILLION last year.
It’s only a matter of time before your bank follows. Is this a good thing or did you like the extra padding??
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excellent idea!
the same people will complain about this too. i say the extra padding, when your funds are low you will be fuck it, at least i made some grocery’s til friday comes lol…. everybody know all you need is a dollar on your card to fill up that tank.
What’s the logic behind paying a $35 overdraft fee for going $2 over the available amount? Our financial markets have crashed because people have been living beyond their means trying to do things they know they can’t afford.
AMEN to Umm!!!
They also process larger transactions first for no apparent reason other that to reap the benefits of overdrafts fees because your likely to have more smaller transactions than larger ones. Lets say you have $54 in an account. You make charges of $5, $5, and $7 Monday morning and a $50 charge Monday afternoon. You should be short of funds for the last transaction resulting in one overdraft fee. What BOA does is process the $50 transaction first and then processes the other three resulting in three overdraft fees not one. Even though you made the smaller transactions first they process the larger one first! Mo money…Mo money…Mo money!! sounds like loan sharking to me. Now who’s really gangsta???….BOA!! That’s who! LLS and SMDH
I know people who work in their Charlotte, NC headquaters.
perfect…………almost 3 OD a months for me………not becuase i didnt know how to manage………but u just get careless………and forget………youtube aftah sum living with the devil
They are only doing it because congress passed a law that they couldn’t do it..which comes into effect this summer…Watch Clark Howard you would know..lol
This is true. Obama pushed for this! Thanks Obama
This is fucking common sense!! IT’S A DEBIT CARD, NOT A CREDIT CARD!! The funds are supposed to be immediately taken from your account at the time of purchase…so how the hell was there ever any possibility of an overdraft? The banks are straight up THIEVES!!! They lie, cheat, manipulate and straight rob the public!! If they really want to do right then they would reimburse everyone who’s had to pay an overdraft fee on their debit card.
Read my comment above to see how they justify their loan sharking.
I read your comment and you are 100% right!! They delay processing certain debits and give the consumer inaccurate balances tricking many people into overspending and encurring overdraft fees.
The shit that the banks have been able to get away with is almost criminal!! I’m glad that Obama stiffened the laws but a total industy overhaul and new banking regulation systems need to go into place immediately.
Tru Dat!
US BANK is whack as well. I ultimately consider it my own fault, but i got serious over draft fees. I had a checking account with them and always had a positive balance… never made a charge i didn’t have money for. after a couple months i find out that i have all these monthly charges i knew nothing about. being charged just to hold the card… thanks to the banks for making it just that much harder to have a positive net worth in this damn country!
“What is an overdraft? I just laugh”- Trina
i think wells fargo got rid of overdraft fees about a month ago. i sometimes forget to transfer the money over and i havent seen any overdraft fees as of lately, but they still give me money when i dont have it. but yes that is a very good idea.
SO typical of society today…
Nobody wants to assume personal responsibility for anything in their personal lives – it’s always the fault of somebody else.
You didn’t read the terms of your account (overdraft fees were never a secret)?
Bank’s fault, not mine.
You don’t keep track of the money in your account and spend more than you have?
Bank’s fault, not mine.
Please.
I’m awaiting the next bitch-session that will come when banks start charging higher fees for other services in an effort to recoup the losses from not being able to charge overdrafts. You honestly don’t think they’re gonna just throw their hands up and say, ‘Oh well!’. HA!
Well, when that time comes, at least Big Brother Government will be there to hear your cries and pacify you.