Below are some of the purchases:
Luckily I keep $1000 handy at all times on my other BoA account so I was able to transfer money right away. That means now I need to rebuild the emergency fund. Lately I feel broke... hopefully I get a decent raise in September.
I thought overdraft fees were a thing of the past but no, we have to wait until July or August to be able to opt out. From what I've heard, customers will have 2 choices: They can permit the bank to overdraw their account, which can cost up to $35; or they can have their card declined when money runs out. You have to call and let them know you want to opt out.
I hate overdraft fees!!!
HS
2 comments:
I found your blog when I was researching the Roomstore credit accounts. I find it very inspiring that you are trying to get to debt-free living. My bank actually called me on the weekend trying to convince me to opt in! I said no, I would rather just be declined than have a $2.00 purchase turn into a snowball of overdraft fees!
Hi there,
Did you know that banks replaced ODF (overdraft fees) with NSF (non-sufficient funds) in many instances. In many cases the OPT OUT is ONLY for debit transactions where you have to enter your pin code. Credit transactions still will go through and overdraw your account.
What if you OPT OUT and then write a check for $100 when your available balance is $80. Most banks, including Bank of America, will return that check and charge you $35 (NSF).
What if you sign up for gym membership and pay $79 a month that is automatically deducted from your account. Then you go to your bank and OPT OUT of overdraft. Guess what! Your account will be overdrawn if you don't have $79 or more in your account, and you will be charged $35 (ODF).
I was talking to a banker the other day who told me that the whole overdraft fee system is like a game and that customers are given the "rules of the game" when they open accounts.
Is it a GAME or LIFE that we have to deal with everyday?
Shota
www.ranxem.com
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