No More Overdraft Fees (If thats what you want)
In this economy we are all concerned with hanging on to every penny we have. Sometimes you make a mistake and can get hit with all sorts of fees. Sometimes a slip up with your debit card can create a domino effect that can turn into hundreds of dollars in fees. Now if I overdraw my account by writing a check that's one thing and have no problem with a fee but depending on your banks crediting and debiting policy (and most banks debit THEN credit for a reason) using a your debit card to buy a 5.00 cup of Starbucks on Saturday can cost you an additional 35.00 or more by Monday morning IF you haven't used your card anywhere else over the weekend.
Well today is the last day to contact the Federal Reserve and tell then what you think about banks giving consumers the option of "Opting In". The Federal Reserve is considering making it mandatory for banks to give consumers the option to Opt In or Opt Out of allowing their accounts to go in the negative and still approve transactions that would trigger fees, this varies from bank to bank, check with your financial institution on their policy.
Send the Federal Reserve a message through Consumers Union and tell them what you think but don't wait, today is the last day they are taking public input. Pass this on, the more that speak out the better. I will post additional links below that cover this and related topics in detail.
American Bankers Association testifies about Credit Card and Overdraft Programs
Overcoming Obstacles In 2009
Well today is the last day to contact the Federal Reserve and tell then what you think about banks giving consumers the option of "Opting In". The Federal Reserve is considering making it mandatory for banks to give consumers the option to Opt In or Opt Out of allowing their accounts to go in the negative and still approve transactions that would trigger fees, this varies from bank to bank, check with your financial institution on their policy.
Send the Federal Reserve a message through Consumers Union and tell them what you think but don't wait, today is the last day they are taking public input. Pass this on, the more that speak out the better. I will post additional links below that cover this and related topics in detail.
“If banks believe that overdraft programs are truly beneficial, then they should be required to persuade their customers to sign up before they can charge them such high fees,” said Zeichner Bowne. “The Fed should end automatic enrollment in costly overdraft programs by giving consumers the choice to opt-in. Consumers concerned about high cost overdraft fees have until March 30 to support these important new rules.” Consumers can learn more and submit comments to the Fed at: http://cu.convio.net/OverDraft (excerpt from www.consumersunion.org).
Consumers Need to Opt In to Overdraft ProgramsAmerican Bankers Association testifies about Credit Card and Overdraft Programs
Overcoming Obstacles In 2009
Posted by coleycole at 3/30/2009 8:30 AM 
Categories: Blackberry iPod Blogging, What's Going On, Money Economy and Finance
Categories: Blackberry iPod Blogging, What's Going On, Money Economy and Finance
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