The Fed bans overdraft fees on ATM and debit-card transactions

[mawilson 2,133]

I hate overdraft fees. I hate them so much I have never paid one! Never!

I love overdraft fees. I believe that irresponsible behavior must have consequences.

[AlHayatZween 2]

sounds good...

[SMR 368]

I'm pretty sure that most banks allow you to refuse overdraft fees anyways. This isn't anything new.

[Otto 83]

I'm pretty sure that most banks allow you to refuse overdraft fees anyways. This isn't anything new.

Uhm... THAT would be news if it were true. Of course I suppose you can refuse all you want but they got your money anyway..

[SMR 368]

I'm pretty sure that most banks allow you to refuse overdraft fees anyways. This isn't anything new.

Uhm... THAT would be news if it were true. Of course I suppose you can refuse all you want but they got your money anyway..

I don't mean you can refuse after the fact. I mean that when you open the account you can say no overdraft protection. Every bank that I have opened an account at has asked me.

[Otto 83]

I'm pretty sure that most banks allow you to refuse overdraft fees anyways. This isn't anything new.

Uhm... THAT would be news if it were true. Of course I suppose you can refuse all you want but they got your money anyway..

I don't mean you can refuse after the fact. I mean that when you open the account you can say no overdraft protection. Every bank that I have opened an account at has asked me.

True - you can say 'no' or you can plop down a credit card (or amazingly enough, apply for one from the bank) or tie a savings account to one but that leaves a lot of people out of the loop (people with no CC and no savings which is a lot more people than we may think).

[Craneman 2]

Talking debit cards here.

At this time they do not.

I'm pretty sure that most banks allow you to refuse overdraft fees anyways. This isn't anything new.

Edited November 13, 2009 by Craneman

[SMR 368]

Talking debit cards here.

At this time they do not.

I'm pretty sure that most banks allow you to refuse overdraft fees anyways. This isn't anything new.

I don't have a credit card either. I have a savings account, but it isn't tied in that way. I just say that I don't want overdraft and it denies the transaction.

[mawilson 2,133]

Talking debit cards here.

At this time they do not.

Some banks do. When Commerce became TD Bank, they started this overdraft BS

where if you have $1 in the account and buy something that costs $1.50, they allow the

transaction to go through and charge you a $35 fee for the privilege. Another

transaction, another $35.

They do however provide an "opt out" form if you ask.