Chase and Bank of America Revise Fee Policies
source: http://www.nytimes.com/2009/09/23/your-money/credit-and-debit-cards/23credit.html?_r=1&hp
-
-
- WakeUpPeople
- added this
The moves come as lawmakers and regulators in Washington push proposals to reform what critics say are excessive charges of which consumers are unaware. The penalties, known as overdraft fees, bring the banking industry tens of billions of dollars in revenue annually.
Bank of America said it would allow current customers to turn off the ability to spend when their account hits zero, starting Oct. 19. Next June, the bank plans to limit the number of times each year that current customers can overdraw their accounts when using a debit card at a store. It will let new customers choose whether they want overdraft protection when they are opening their account.
Chase plans to eliminate by the first quarter of next year a common industry practice that enraged many consumers. Instead of lumping a day’s worth of debit card and A.T.M. transactions together and then processing the highest amounts first — a practice that has caused large numbers of consumers to overdraw more quickly and pay more fees — it will credit the transactions chronologically. Chase also plans to allow customers to opt out of overdraft coverage.
-
-
Jjjjason7
-
I think the key is they will let you opt out of overdraft protection which will probably cost more. But if you opt out so as not to pay for the protection? Does that mean more overdraft fees.
- 2 years ago
-
Jjjjason7
-
-
neocongo
-
We were bad bad banks, and we got caught. We'll never do it again. Ever. Really.
- 2 years ago
-
neocongo
-
-
tommic
-
I am a constituent of Barney Frank who is chairman of the house banking and finance commitee, Barney Frank is one congressman who does care about the people. He has his faults but the concern he has for the people is real. He is without a doubt the most accessable congressman I have ever known, he returns phone calls, letters and emails. You should all be thanking him for the work he does for all Americans. He does not kow tow to big business.
tommic
tom mcmahon
millis ma - 2 years ago
-
tommic
-
-
wayseeker
-
It's real big of them to change their policies when the learn that they're going to be forced too anyway.
- 2 years ago
-
wayseeker
-
-
Progresshiv
-
They had better change their policies, or they will all be looking for work and bouncing their own damned checks.
- 2 years ago
-
Progresshiv
-
-
WakeUpPeople
-
Farewell overdraft fees. We will all NOT miss you.
- 2 years ago
-
WakeUpPeople
