The Federal Reserve Board issued new rules that will kick in July 1 giving consumers additional options regarding overdraft protection. Financial institutions won’t be able to automatically sign you up for overdraft services. As with any such change, there’s always some confusion. So the Fed has recently created an online publication on the new banking overdraft rules. I recommend, even in your information-overload state of mind, that you take the time to read the publication, particularly if you frequently use overdraft protection.
On http://www.federalreserve.gov, click on the link that says, “What You Need to Know: New Overdraft Rules for Debit and ATM Cards.” Once on the page you will find a summary of the new rules, including a sample of the notice you should be getting in the mail from your bank or other financial institution.
It’s about time the Fed issued those new rules. But even the opt-in provision is just a scheme to rape consumers. They’ll have some kind of “incentive” to get people to unknowingly opt-in. Of course, there will be fine print.
In fact, “overdraft protection” that costs thousands of percent in interests should be banned altogether. Simply decline the overdrawn transaction and be done with it. That’s how banks used to do it until they figured out that they could make huge amounts of money by preying on vulnerable people.
Interesting shows on the credit/debit card industry:
[quote=CA renter]Nice job, flu. Good luck closing the account tomorrow.
They’ll never change if we don’t vote with our wallets.[/quote]
I second that. My husband went to buy an IRA CD a few years ago and was talked into a brokerage account. He’s been trying to roll it, trustee to trustee, to the credit union for over 4 months. Somehow Chase won’t let him… he keeps submitting the paperwork, they say they’ll take care of it… nada.
[quote=CA renter]Nice job, flu. Good luck closing the account tomorrow.
They’ll never change if we don’t vote with our wallets.[/quote]
I second that. My husband went to buy an IRA CD a few years ago and was talked into a brokerage account. He’s been trying to roll it, trustee to trustee, to the credit union for over 4 months. Somehow Chase won’t let him… he keeps submitting the paperwork, they say they’ll take care of it… nada.
[quote=CA renter]Nice job, flu. Good luck closing the account tomorrow.
They’ll never change if we don’t vote with our wallets.[/quote]
I second that. My husband went to buy an IRA CD a few years ago and was talked into a brokerage account. He’s been trying to roll it, trustee to trustee, to the credit union for over 4 months. Somehow Chase won’t let him… he keeps submitting the paperwork, they say they’ll take care of it… nada.
[quote=CA renter]Nice job, flu. Good luck closing the account tomorrow.
They’ll never change if we don’t vote with our wallets.[/quote]
I second that. My husband went to buy an IRA CD a few years ago and was talked into a brokerage account. He’s been trying to roll it, trustee to trustee, to the credit union for over 4 months. Somehow Chase won’t let him… he keeps submitting the paperwork, they say they’ll take care of it… nada.
