Posted on 03/09/2010 10:56:39 PM PST by thecodont
(03-09) 21:21 PST NEW YORK, (AP) --
Bank of America customers will soon be unable to spend more than they have in the accounts linked to their debit cards. It's a step that may become a common move ahead of new regulations limiting overdraft fees.
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2010/03/09/financial/f190007S63.DTL&tsp=1#ixzz0hkprqVVM
(Excerpt) Read more at sfgate.com ...
Aw man. I was just thinking about posting this. We must be watching the same channel.
Other banks should take on Bank of America’s new policy.
Sounds good to me!
It’s about time. I hope credit unions follow suit.
You know if the Government weren’t already preparing to force this move BoA would’ve NEVER done this. So I guess governemnt is good for something. Oh wait no! I mean government is evville and corporations are benevolent.
And you’re incredibly frakin stupid if you actually think that BoA would’ve done this without the motivation of looing legislation.
Another unintended consequence of gov’t meddling?
Gov’t meddles with overdraft fees.
Bank says okay, then you can’t overdraft anymore, we will just reject the transaction and leave you standing there looking stupid in Wal-Mart.
Means they will probably be going back to the good ole days when men were men and rubber checks actually bounced.
Which will not sit well with the Zer0 fan club...
Poor people need free overdraft protection...
I mean deserve, not need, of course.
The poor and downtrodden have a right to free overdrafts...
And the rich bankers should pay..
Not just poor people, when the Russian mob tries to slam $1800 out of your checking account, you want the stupid bank to bounce that brick.
Well, it had gotten pretty abusive, “stacking” charges regardless of chronological order, in order to create more fees.
This is the right move, for once, rarity that it is. Just decline the card.
I always had overdraft protection on my “new experimental” debit card in 1990. 1000 bucks.
Who has that much overdraft protection? :-)
Well, that’s what the free protection was for...
This is a ploy by BofA to get those of us with debit/credit cards to start using them as credit cards.
Could be.
There’s probably something good in there for BA...
I never thought that banks providing overdraft protection on debit cards was a good idea.
>>Poor people need free overdraft protection...<<
With Other People’s Money.
Actually you may be stupid if you attempt to spend more at Wal-Mart than you have in your account.
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