Bank of America recently announced they plan to stop charging customers overdraft fees for exceeding their checking account balance with debit cards. They go on to say they will no longer allow charges to go through if the amount exceeds the available funds in customers’ checking accounts. I say, it’s about time!
I’ve never liked the idea of a bank allowing a charge to go through for more than is available, and then tacking on a $30+ fee for the privilege. I’d much rather know at the checkout that I don’t have the $6.87 for a fast food meal, rather than discovering it cost me another $35 when I get my statement.
I hope credit cards will follow the lead, because overdraft fees are another ridiculous bank fee. Sure, the onus is really on cardholders to keep up with their available credit, but a $35 fee for going a few dollars over doesn’t add up – the punishment doesn’t fit the crime.
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Don’t forget to spring forward an hour Saturday night/Sunday morning. I use the occasion as an opportunity to test our home smoke alarm and carbon monoxide detector, something that should be done at least a couple times a year.