make WWAY your homepage  Become a fan on facebook  Follow us on twitter  Receive RSS Newsfeeds  MEMBERS: Register | Login

Bank of America dropping debit overdraft fees

READ MORE:
boafees300.jpg

Customers of one North Carolina-based bank will no longer have to worry about overdraft fees starting this summer. Bank of America will drop the $35 overdraft fee on debit card purchases.

Under the new rule, customers who try to make a purchase that would overdraw their account would be denied and ATMs would alert customers before allowing them to withdraw too much money from their accounts.

"I think the possibilities is a good thing to do," said BoA customer Leo Bradley, "because you know if you overdraft and they charge you $35, that's a pretty good little bit of money."

The new policy will take affect in the middle of June for new customers and the middle of August for current customers.

Disclaimer: Comments posted on this, or any story are opinions of those people posting them, and not the views or opinions of WWAY NewsChannel 3, its management or employees. You can view our comment policy here.

»

It's good in theory until

It's good in theory until someone goes out to dinner and gets declined with no other way to pay or they get stranded out of town because they ran out of gas and their card is useless. If people kept track of what they have and what they spent it would be great but now people will just complain about getting stuck with declined cards instead of complaining about fees.

They'll howl, just the same

For those of us who can remember events that took place before last week and can remember when debit cards were fairly new, they originally DID deny you the ability to spend or withdraw more than your balance.

People WANTED the overdraft feature, and the banks were more than happy to provide it....for a fee.

The next thing you know, people will be griping because they tried to use their debit card and it was denied. Also, denying the transaction at the point of sale is going to cost retailers money - imagine how long it will take an employee at Food Lion or Harris Teeter to restock all the items when a customer storms out and leaves two-hundred dollars worth of bagged groceries at the checkout.

If it happens often enough, they may stop taking debit cards.

It's amazing how banks, retailers, and responsible consumers have to adjust their lives becasue of morons who can't balance a checkbook.