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PostPosted: Thu Sep 24, 2009 11:59 am 
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Location: Denver
http://www.9news.com/money/article.aspx ... &catid=344

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Bank of America, JPMorgan overhaul overdraft fees
written by: Jeffrey Wolf 22 hrs ago Toolbox: Read Comments Print Article Email Article Smaller Larger

NEW YORK (AP) - Bank of America and JPMorgan Chase say they're ready to make some changes in overdraft fees and practices that have been called excessive and harmful to consumers.Errrrrr, those who blame banks for their negligence in balancing their accounts



The announcements come as lawmakers prepare to implement sweeping credit card reforms.

Bank of America says it's capping the fees charged customers who overdraw their accounts. Starting Oct. 19, the bank will no longer charge overdraft fees when a customer's account is overdrawn by less than $10 in one day. A $35 fee will still be levied if the account isn't brought into balance within five days.

The move backpedals on hikes the company had imposed just a few months ago.

The bank also plans to limit to four the number of times an overdraft fee can be charged on an account per day. Just this year, the bank had raised that cap from five to 10.

For its part, JPMorgan Chase will make overdraft protection opt-in for all customers, post transactions to accounts as they occur, and eliminate fees when accounts are overdrawn by $5 or less. It will also reduce the maximum number of fees per day to three from six.

Those changes will start in the first quarter of 2010


Oooh, oooh, I'll opt-out of all bank overdrafts!
sincerely,

Phoenix Rob, Netboy, and other deadbeats.


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We've all been there where we have money in the bank, scratch a check for the mortgage, two weeks later the check is still not drafted and you go and spend that money that has "technically" been spent.

But, you know that when/if banks start to eliminate overdraft fees, they're going to assrape those who have credit cards by doubling the interest rate!

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PostPosted: Thu Sep 24, 2009 3:18 pm 
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Location: Comeback poster of the year 2018
Having worked in the banking for 5 years, the banks really rake it in on overdraft fees, especially on hoilday Monday weekends.

I remember overhearing a conversation debating on closing a customers account, where there had been almost 100 overdrafts in a year, but they had all been paid. They didn't close it. The bank I worked even charged it's commercial customers if they wanted rolled coin and small bills.


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PostPosted: Mon Feb 11, 2019 5:31 pm 
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Joined: Tue Feb 10, 2009 8:03 pm
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Location: "somewhere deep in the bowels of a nondescript building in an undisclosed location,"
d-townmike wrote:
$35 fee
How much is that in Chinese People's Money?
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