Bank of America to stop debit card overdrafts

BoA SUCKs, people.

get ready to pay increased fees and if you have a credit card, you'll never see those love 8% rates of the past.

BoA is the same company that used to give credit to undocumented immigrants...and then started raising the interest rates on their good customers to cover their losses.

I don't trust those sorry bastards, the large print giveth, but the small print taketh away!

i've been saying this for YEARS. freaking finally.

Yeah super great. So the 86% of people who know how to balance their checkbooks and know not to spend more than they have, will now have to pay for checking so that the bank can babysit the other 14% who don't know when they ran out out money. These 14% are repeat offenders, so they obviously don't seem to mind the overdraft, or else they may check a bank statement once in a while or keep track of their transcations. It's not that hard. I've never bounced a check in my life.

What a bunch of bull, I hate boa

Lovely so I want all my money back I put into this hellhole because I wasn't getting those paychecks on time before clearing out my account. Fucking crooks.

"Banks jumped into free checking in the last decade because of competition, but at the same time started allowing overdrafts that generated huge sums. If they can't charge those fees, it's likely they won't offer the free products anymore either."

The fact is that many if not most people are moving away from check writing. I pay 90% of my bills online.

These policies should have been instituted when someone dreamed up debit cards. What is the big deal about notifying people during a transaction that there isn't enough money in their account to cover the withdrawl? And if they choose to overdraft it will cost them $35? This isn't rocket science. Then again, the banks wouldn't be able to make billions off the poor, the ignorant and those will little self control.

this isn't great... this is admitting that now the majority of Americans are unable to balance their own check book and keep honest finances. And that people waste so much money from day to day that they rarely even have any money.

but the new rules still allow people to 'opt in' for the over draft fee. there are some people (me!) who are not opposed to paying the fee at the end of the month, just to be able to eat.

what about making it easier for consumer and lower the overdraft fee? to $10 or $5.

Good! The bank should have done this from the start. If you don't have the money, then you can't pull it out of thin air. And there shouldn't be a $35 fee to realize you have no money left!

well...great,now that I have spent at least $Iooo on those...-=)...anyway,it was time for that,paying $35 for $.99 overdraft it's literally stealing,nothing else.

I've had a BofA account for years and I didn't even know you could go to an ATM and take out more than you have. Why is that even allowed? I do agree that you shouldn't be charged the same thing on overdrafts if you're over by $100 or $0.01.

Good news! The reporter says that "93 percent of overdraft fees are generated by just 14 percent of customers" and the banking analyst says "the rules may not save the average consumer much money. In fact, because banks will look to make up that lost revenue, it may actually cost most individuals more." I'm not sure how true that is. If these 14% run up 93% of the fees, how much of these fees do the banks actually collect, especially since those 14% didn't have money in their account to begin with and possibly aren't smart enough to stop over-drafting.

Doesn't this seem logical? No $$$ in the account can't make a withdrawl... Oh that's right, when you overdraw they get to charge you ridiculous amounts of money.... B of A "Thank for no longer being crooks"

woooo

so the banks are doing what they used to do 20 years ago? Bittersweet, I guess...

http://place.it

My credit union pays over drafts up to $400. I hate the big banks as much as anyone else but why do people bitch about fees when they shouldn't be overdrawing their account in the first place?

I have been waiting for this to become standard for all banks as I heard about these regulation changes a while back. In college, many times I would unknowingly go over and end up with ridiculous ODF from WF. It hurt me so much as I couldn't work much while going to school full time.

Wouldn't it be great if banks charged the same rate of return on SAVINGS accounts as they do on credit?

How much more would all of us be sinking into savings if it earning 30 percent interest per year?

Maybe that should be a new law: banks can charge whatever interest rate they want on credit accounts....but they must (by law!) charge the exact same rate of interest for money in savings accounts! That would be better than what it is now which seems to be between ZERO or .00000002 interest per year.

I have a feeling that if such a law were passed we'd never again see credit interests rates rise above 5 percent.

Banks take deposits at 2% or less and then lend out at least ten times as much money at 5-20% with fractional reserve banking. And, even then they have to have such huge fees to make any money?

when I opened my checking account at the local credit union, they told me they dont charge overdraft fees if I get the amount paid within 5 buisness days. And that is why credit unions, which are for service, not for profit, are infintely better that banks.

YAY!! The world seems a bit brighter now.

PayPal.

The creators of PayPal are working around the clock on getting PayPal to be accepted everywhere just like Visa and Debit cards.

The genius of PayPal is that it completely does an end-run around the banks. Note in the article that the asshole banks started claiming that no more overdrafts meant that no more free checking. I say, "Fine!" We'll all just switch over to PayPal which basically acts like a "bank" for all practical purposes but doesn't engage in the same bullshit "fee" schemes that the banks have fallen in love with.

Technology is truly driving the revolution. More and more technology is offering people alternatives that simply didn't exist before. Bank of America claims it can't function without charging massive fees for every single transaction. I say let it fail completely and be replaced completely by a leaner, smarter system such as PayPal or some other startup.

I think the banks are just like the music industry and the print media industry -- they still think they are in control. iTunes, MP3's and Napster destroyed the old-school music industry and empowered consumers. The Internet killed the old-school newspapers and gave the consumers more choices at a cheaper price. The exact same thing is going to happen to the old-school banks and credit card agencies whose entire business model is based on transaction fees at 40 percent interest rates.

Wow. Finally some good news for the consumer.

wells fargo is doing that too

Its about damn time, I tried asking my bank to do this when i first got a debit card and it was a no go.

i never understood why this didnt happen in the first god damn place.
this is good news.

This is great news. People shouldn’t spend more than they have. However, banks are all too willing to cover the $2.00 you went over on a debit card purchase if it means charging a steep fee.

It’s a greedy practice that needs to stop.

This is great and it makes sense.

I see you all seem to agree with this concept. Now if we could just get the feds to understand the same thing we may start heading in the right direction.
Course when has government ever understood simple logic.

Woohoo Pie and beer for everybody

I have a boa account with direct depost, and two weeks ago the long weekend fucked up my payment. In turn i over drafted three time buying beer and shit. 105 fucking dollars. I called, and bitched and all they told me they could do is open a new credit card up for me.

I use my bank account for cash advances sometimes, and understand I'm going to have to pay the overdraft fee. People need to keep better tabs on their account balances; then again I've accidentally used the wrong card on multiple occasions (and had to rage at overdraft fees).

i have a BOA debit account and i for one am tired of being charged $35 overdraft fees when i get gas and go over by 2 cents. im glad that this is happening. why should you be able to spend more money than you have anyways? duh.

this should be common sense. if you dont have the money, you shouldnt be able to take out the money. its that simple.