The above article explains that as of July 1, banks will no longer be able to charge frivolous overdraft fees. All I can say about it is IT'S ABOUT TIME!! I don't know how many countless times my bank account has been overdrawn by a couple dollars and I'm hit with a million $35 overdraft charges. When I hold a check card to my account and my husband holds one too, it is sometimes difficult to keep track of exactly how much money is going in and out of the account daily. I have tried my best to keep up with it, but occasionally something will happen and I get overdrawn. Of course I have overdraft protection, but even then you have to have money in other accounts to cover it, and they still charge a $10 fee to transfer the money over! Banks have been getting away with stealing people's money for too long, and I am really excited that the Fed is finally cracking down on them. That is the only good thing I have ever had to say about the Fed! So now instead of begging the banks to give you your money back, they have to contact you before taking it. If you can't get money in the account to cover the overdrawn account, then they will simply deny transactions. I’ll take that over paying a bank one cent of my money! Thank you Federal Reserve!
I completely agree, but also have some concerns that many banks will find other ways to make this money back. Are you not with a credit union? If not, you might want to think about moving to one...they usually provide free overdraft protection and no fees incurred if money is moved over for you.
ReplyDeleteNo, I'm not. However, I am a State employee, so I probably should check into the SECU...thanks for letting me know! I'm with PNC, and they have so far been OK with reversing the charges when something like this has happened! Thanks for the comment!
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