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: CL&P BlogNew Restrictions on Overdraft Fees; Bank of America Opts Out
By Brian Wolfman
As this Washington Post article explains, under a Federal Reserve rule effective July 1, banks will be prohibited from imposing debit card overdraft fees unless the consumer opts in. So, without opting in, no overdraft purchase or ATM withdrawal will be permitted. Go here for the Fed's explanation of the rule.
Bank of America's response to the new rule is simple: the heck with it. We are just gonna ban overdrafts entirely for debit card purchases. And for ATM withdrawals, before overdrafting, the consumer will have to agree to pay BOA $35. Watch for other banks to follow suit.
Full post as published by CL&P Blog on March 11, 2010 (boomark / email).
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