Bank of America says goodbye to overdraft fees
No more overdraft fees
Remember the overdraft protection program Bank of America (and other banks) automatically enrolled their customers in (as a courtesy)? You know the one--you buy a $3.00 coffee with your debit card but don’t have enough in your account, the bank fronts you the money and then hits you with a $30 or $40 dollar overdraft fee. Well, that “service” didn’t go over so well with customers. Congress stepped in and instituted some changes (which take effect July 1) but not before banks made billions off the program. Now Bank of America says that as of June 19 (weeks before the federal regulations go into effect), they will no longer charge overdraft fees. So come June, if you try to buy a coffee and don’t have the money, you’ll be……..DECLINED (and it won’t cost you a thing).
Guests:
David Lazarus, columnist at the Los Angeles Times
Rebecca Borne, policy counsel at the Washington D.C. office of The Center for Responsible Lending
Rep. Barney Frank (D-MA); Chair of the House Financial Services Committee
Rep. Carolyn Maloney (D-NY); She is author of the credit card reform bill signed by President Obama
- Patt Morrison for March 10, 2010
- U.S. Department of Education studies up on LAUSD
- "The Power of Half"
- Bank of America says goodbye to overdraft fees
- Laptops in the classroom - to ban or not to ban? That is the new question.
Also on this episode
Events
Comedy Congress Live
Wednesday, February 29, 2012
7:30 p.m.
- 9 p.m.
The comedic material emanating from Washington D.C., and state capitols across the country, is enough to make any sitcom writer jealous, even if most of that comedy is unintentional. Our motto on Comedy Congress is that just when politics makes you want to cry, it’s usually best to laugh.
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