MyCardBlog

Posts about Overdraft Fees at MyCardBlog.com are very popular. It is really disappointing that you use the services from banks, put your money there and charged for some trial mistakes. Now, some major banks are considering changing overdraft fees policies. Bank of America and Chase are the first banks to revise overdraft fees policies. Let’s see what will be changed?

Bank of America

Bank of America announced changes to be implemented on October 19, 2009 including not charging overdraft fees (1) when a customer’s account is overdrawn by a total amount less than $10 for one day, (2) not charging overdraft fees on more than four items per day.

In June 2010, Bank of America plans additional changes including providing customers a choice to opt in or out of overdraft capability.

Chase

Chase is also planning changes in the first quarter of 2010 including not charging a fee when the overdraft is less than $5 and not sorting items in descending amounts prior to posting (banks maximize their income using this kind of tricks!). Chase also plans to allow its customers to opt out of overdraft protection.

If you are continued to be charged overdraft fees, you can refer to my posts about how to get back overdraft fees back.