Bank of America is making a small attempt at repairing the big bad bank image. But, the millions of dollars that are STILL going into executive bonuses speak louder than their decision to stop all overdraft fees. The choice to stop the fees actually works for both the bank and the consumer. Think of Bank of America as a parent that has just cut you off. They are trying to make you more responsible.
The bank gains because they rid themselves of bad debts from those who choose to incessantly overdraw their account and close it without paying up. Some folks (you know who you are) open accounts just to pull these types of scams. Well, that is a thing of the past…at least as it pertains to overdrafting. Now the bank will do away with the overdraft process altogether by not allowing you to exceed your balance.
That’s right! NO MORE CREDIT ON YOUR DEBIT! You can whip that card out all you want for your shopping spree, but if the money isn’t there, then the transaction isn’t going down. Wow! what was that? A blood curdling scream of all the women in America that just had to have those red pumps, but know they can’t afford them and now there’s no overdraft to help ’em out. Yes! It seems that Bank of America is about to discipline a nation of shoppers.
Check out the new policy in its entirety here.