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overdraft

   

Bank of America Ends Some Overdraft Fees

by Flexo on March 10, 2010. Credit 3 comments.

Last year, Smithee reported that Bank of America was the first major bank to allow customers to opt out of overdraft protection and the associated fees. Those customers who opted out of overdraft protection would have their card rejected when attempting to make a purchase without the funds available. Thanks to these changes as well as ... Continue reading this article…

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Federal Reserve Issues New Rules for Overdraft Fees

by Flexo on November 12, 2009. Banking 11 comments.

With Congress threatening to create new consumer protection agencies to protect the public from customer-unfriendly banking practices, the Federal Reserve stepped in today to prove it is still relevant and involved with banking regulation. The Fed announced that as of July 1, 2010 for new bank accounts or August 15, 2010 for existing accounts, banks ... Continue reading this article…

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Senator Dodd Going Ahead With Overdraft Legislation

by Smithee on October 20, 2009. Banking 7 comments.

We told you last month about banks deciding to let customers opt out of overdraft fees, first announced by Bank of America and JP Morgan Chase, and then the next day by Wells Fargo (and Wachovia, which it owns). These big banks made the changes very soon after lawmakers announced an intention to try to regulate ... Continue reading this article…

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Wells Fargo Joins Bank of America and Chase With New Overdraft Policies

by Flexo on September 24, 2009. Banking 7 comments.

Yesterday, Bank of America and J.P. Morgan Chase Bank announced they were changing their policies to allow customers to opt out of overdraft protection. Wells Fargo decided to follow in their footsteps late yesterday, announcing a number of changes at this bank. The following changes also apply to Wachovia, the bank that was acquired by ... Continue reading this article…

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Vanishing Overdraft Fees Pave Way For New Charges

by Jeff on September 24, 2009. Banking 1 comment.

Almost everyone has an story about the annoyance of overdraft fees. We all had cause to rejoice after reading Smithee’s recent post about banks backing off of overdraft fees. However, banks, being the business that they are, are already scheming for new ways to wring money out of us. An AP article on a local news site ... Continue reading this article…

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Overdraft Fees: Some Banks Let You Opt Out

by Smithee on September 23, 2009. Banking 13 comments.

Overdraft fees are nothing to sneeze at. Having not always been a model bank customer, I know how it feels like an unfair punishment to have roughly $30 taken away when my account is already negative. I’ve also worked for Bank of America, and I can see why they use a dis-incentive to drive away ... Continue reading this article…

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10 Tips for Avoiding Overdraft Fees

by Flexo on August 31, 2009. Banking 6 comments.

As banks search for methods of increasing profits, increasing fees is a popular option. In the last year, overdraft fees have been the targets of increases designed to help banks boost revenue. According to recent research, banks project earning $38.5 billion from overdraft fees alone in 2009. Ninety percent of these fees come from only ... Continue reading this article…

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How Five Banks Post Your Deposits and Withdrawals: Do They Trap You Into Overdrafts?

by Flexo on October 28, 2008. Banking 38 comments.

In his documentary film Overdrawn!, Karney Hatch mentions that banks often post your deposits and withdrawals to your bank account in such a way that they maximize the possibility of overdrafts. Even if you believe you have a large enough balance to cover your withdrawals thanks to recent deposits, the banks have a way ... Continue reading this article…

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