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"With the bank's new policy, BofA debit card purchases that would push checking account balances into the red will be declined for new customers beginning in June, and for existing customers starting in early August."

Um...  duh?

<a href="http://money.cnn.com/2010/03/10/news/companies/Bank_of_America_overdraft_fees/index.htm">Full Story</a>

Comments

( 6 comments — Leave a comment )
harlkyn
Mar. 10th, 2010 04:42 pm (UTC)
My roommate Rachel posted about this. http://rachelison.livejournal.com/118575.html

They didn't eliminate the penalty, they just renamed it. Instead of BofA completing the transaction and charging you $35 (Overdraft), now they refuse the transaction and charge you $35 anyway (NSF: Returned Item).

The banks are gonna get your money no matter what laws we pass.

Edited at 2010-03-10 04:43 pm (UTC)
pathia
Mar. 10th, 2010 04:52 pm (UTC)
This is why I dumped banks a few years ago for a credit union.

BOA cleared something, I went negative, they charged me, I went more negative, they charged me again, I went more negative a third time.

*THEN* they cleared my paycheck that came in that morning via direct deposit, bringing me back to positive, all charges stood until I called in and pointed out how stupid it was.

They'd tried to fine me something like $100 total for overdrafting, on an account that had $1000+ by the end of the day.
wolffit
Mar. 10th, 2010 05:20 pm (UTC)
Is the NSF: Returned Item fee for debit card transactions which are declined at the point of sale, or for checks and other transactions which are not processed at the point of sale? I suspect it's just for the latter.
techkitsune
Mar. 10th, 2010 06:48 pm (UTC)
The fee is for rejected at POS tansactions - this is why I just dumped Wells Fargo. Charging me because I *TRIED* to buy something and was refused is nonsense.
hydra_velsen
Mar. 10th, 2010 06:53 pm (UTC)
You are so right.

Also, on the front of personal financial responsibility, getting a debit card was the best thing I've ever done. My credit card is paid off and I cant spend more than I have. Ironically my glowing 800+ credit rating's been going down since I switched to debit though XD
rover_t_mutt
Mar. 10th, 2010 08:44 pm (UTC)
rating
That's because your credit rating is based also on the amount of debt you have. It's a BS system in my opinion.

-Mr Mutt
( 6 comments — Leave a comment )

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