Consumers have spoken and have been heard!
Effective July 1, 2010 --- of course sooner would be better --- those annoying overdraft fees for small and unimportant purchases will not be covered by overdraft unless you "opt-in" to the overdraft program with your bank.
It's slightly better to have an option to decide whether you are prepared to pay an $30 extra for a $5 cup of coffee as opposed to being stuck paying that much when you thought you'd just simply be declined if the $5 wasn't available in your account!
Now, just remember, you are still accountable for your financial well-being, so if you do "opt-in" stay on top of your deposits and your payments. This new ruling DOES NOT cover important bills like car loan payments and mortgage payments.
I've given you the link here so you have the posted article for yourself: "Fed: banks need customer consent on overdraft fees"
As always, comments are welcome! Anything you'd like to say {Please be nice!} send it to debtcure123@gmail.com.
Ta~Jax
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