Posted on 03/12/2010 2:20:58 PM PST by 198ml
NBC's "Today" gave backhanded praise to Bank of America (BofA) on March 11 because of its decision to stop charging overdraft fees for debit-card transactions.
"This is clearly an effort by Bank of America to repair its battered image," senior investigative correspondent Lisa Myers said. "But it's also a meaningful step that will save consumers money and keep families from spending more than they have."
The NBC report maintained the media theme that such fees are "abusive" by including Leslie Parrish of the Center for Responsible Lending (CRL) who said, "We highly commend Bank of America for getting rid of this abusive practice." CRL is a liberal group funded by far-left wingers like George Soros and Herb and Marion Sandler, according to ActivistCash.
While Myers acknowledged that BofA was "getting ahead" of "new federal rules," she didn't warn viewers about the negative implications of that legislation.
(Excerpt) Read more at newsbusters.org ...
The result will be the same.
I don’t have a debit card and I never overdraw my account. Maybe I could be a role model!
CRA? Hahhaaa..wait...why am I laughing..you really think? I guess it’s Greece and Iceland v.2
Instead of covering the difference for a fee and allowing the transaction to continue, the transaction will be terminated. And you can’t write them a check, ‘cause now they know the account is short...
I am glad they did this, but lets give this a couple of months and then you are going to start hearing about how this policy only affects the minorities......
from what I understand, all they did was stop approving debits if they exceed the account balance. Before they were approving them anyway and then charging a fee. I don’t see the huge difference.
Problem was such sleazy tactics as when customer would
deposit money in account and then go shopping. Bank would
make withdrawals FIRST then credit the money to account
often resulting in overdrafts
Also if go to gas station and say “Fill ‘yer up” will place
a hold on your card for $100, even if purchase much less
Result customer would accidently overdraw account thinking
still had money available.
Because of such thieves have the heavy hand of gubmint....
A few points.
I’ve used BofA for 20+ years.
I’ve never seen a $100 hold for a debt card transaction getting gas or anything else ever.
If you deposit a check that check isn’t normally processed until late that night on business days. If the check is for a large amount or is drawn on a distant bank it can take longer. Big shock... If you absolutely have to have the check cash now, take it into the bank and talk to a teller to get it credited immediately or go to the issuing bank and get it cashed.
If you use a debt card it is the same as cash to the bank. It is normally taken out at the time you use it. Why would you expect a float, it isn’t a credit card.
To expect a check to be credited the same day before any charges you make immediately following the deposit is just plain foolish. Basic common sense can’t be forced by government regulation.
My bank (US Bank) places a $1.00 hold.
Are you really taking the bank’s side in this. overdraft your debit card by 50 cents and charge you $39. Thats BS any way you look at it.
I did use BoA and they were one of the worst dirty trick banks I ever dealt with. Running your checks first then crditing your money, stacking checks to maximize overdrafts, putting numerous Holds on money with no warning.
If you were never hit with this crap, you are definitely in the minority.
rule one: stay away from Bank of America
rule two: when in doubt see rule one
It’s the merchant, not the bank, that places the hold.
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