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I had a really bad banking experience last week – actually, it took place over 7 days and is still not quite over. I was going to blog about it and rat out the bank, but then some halfway decent customer service changed my mind. When I logged into my account today and saw YET ANOTHER [...]
July 1, 2010 marked the beginning of new overdraft rules for financial institutions. Starting on July 1, you will have to opt in for overdraft “protection” when you open a new account. For existing accounts, the new rules don’t take effect until August 15, 2010. The fact that you will have to consciously enroll in [...]
Last week, I wrote about how ING Direct and Everbank offered overdraft protection by way of a line of credit, rather than socking you with overdraft fees. I commented, off the cuff and without doing much research, about how online banks are better than traditional brick and mortar banks about overdraft fees because they aren’t [...]Overdraft Fees at Online Banks from personal finance blog B
Bank of America recently announced they plan to stop charging customers overdraft fees for exceeding their checking account balance with debit cards. They go on to say they will no longer allow charges to go through if the amount exceeds the available funds in customers’ checking accounts. I say, it’s about time!I’ve never liked the [...]Post by Frugal Dad
The NYT Bucks blog published a post today warning us that banks will start direct mail promotions to get customers to opt into their overdraft protection. While they don’t explicitly say overdraft protection is a bad thing, they do want to help protect against some fear mongering on the part of banks. I think that’s [...]Overdraft Protection Is A Good Thing from personal finance blog
Since it’s passing, the CARD Act has drawn both criticism and praise from just about everyone. Some were upset about the tightening of credit card approval requirements for college students. Others celebrated rule changes that required companies to apply payments to the highest interest rate balances. Some warned that credit card companies would change their [...]Chase, Bank of America Over
A recent report in Financial Times reveals that US Banks stand to take in over $38 Billion in overdraft fees from their customers this year! The bulk of this revenue is said to come from, “the most financially stretched consumers amid the deepest recession since the 1930s, according to research.”Checking account overdraft fees now account for more than 75% of the fees banks charge on consumer dep

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