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.

I mentioned in my previous post that Discover Open Road Card is going to change its rewards program. In order to make a change on the Discover Open Road Card, Discover Card is no longer accept the application of this Discover Open Road Card right now. Maybe the new Discover Open Road Card will come out in the early 2010.

Today I receive a mail from Discover regarding my Discover Open Road Card. There are some changes that you might want to know:

5% on GAS and Auto Maintenance up to $100 will be replaced by 2% cashback bonus in GAS and Restaurants(from fast food to fine dining) up to $250 each month.

This change will be effective in Jan. 2010.

Please be prepared to find out a better credit card to get most from the pump.

Sorry, I made a mistake again on my checking and savings accounts at National City Bank (PNC Bank) several days ago. This time, I was charged $105 overdraft fees by National City Bank. I’d like to share my experience with you on how to get the money back.

My popular posts on getting overdraft fees back from Chase and Bank of America might be also helpful to you if you have similar problems with your bank.

• Get Overdraft Fees Back from Bank of America by Writing to Their CEO
• Get Insufficient Funds Fees Back from Chase Bank

Well, the story is very simple, I wrote a big check ($1000) to my friend using the check from National City Bank. And I also scheduled several small payments using National City checking account without knowing  that there is not much money left in this account (Now, the direct deposit goes to Chase for the $100 bonus.). Then the disaster happened. 3 overdraft fees with $30 each and a $15 savings protection fees.

Then I went to my local National City Branch and asked to talk to the branch manger directly. He was very helpful. After review my account, he offered to refund $75 to me. I accepted at the moment. It seems that National City Bank will also offer overdraft fees back. See attached banking activities for your reference:

Chase, at the Inc. 500/5000 Conference and Awards Ceremony, introduced the first pay-in-full charge card- the INK from Chase Cards. There are 4 distinct cards that consist of the Ink from Chase. These are also the first charge cards that issued by Chase branded with VISA and MasterCard. This all new set of credit cards is aimed to address the fundamental financial needs of small business owners’ day-to-day operations – access to capital and improved cash flow.

The four distinct Ink from Chase business cards are Ink Bold, Ink Plus, Ink, and Ink Cash. They are designed to cater the needs of small business owned with their own unique demands. Their features are listed below (from Chase press release):

Ink Bold: Chase’s first pay-in-full charge card with no interest charges is designed for small business owners who want robust purchasing power and spending capacity that adjusts dynamically, giving them the purchase power needed to meet their businesses’ changing needs. With Ink Bold, small business owners will earn premium rewards from business purchases with no limit on how many points may be earned and the points do not expire and rewards points are worth 25 percent more when redeemed for air travel.   Cardmembers can earn an annual spend bonus of up to 47,500 points, and they also have direct access to Chase business card specialists.  Ink Bold has no annual fee for the first year and $95 thereafter.

Ink Plus: The solution for small business owners seeking business-sized credit limits, flexible payment options, online expense management tools and the ability to earn rewards from business purchases, including extra travel benefits with no limit on how many points may be earned and the points do not expire.  Rewards points also are worth 25 percent more when redeemed for air travel and cardmembers can earn an annual spend bonus of up to 25,000 points.  Ink Plus has no annual fee for the first year and $60 thereafter.

Ink: Developed for small business owners seeking business-sized credit limits, flexible payment options and online expense management tools with the ability to earn rewards from business purchases with no limit on how many points may be earned and the points do not expire.  Ink has no annual fee.

Ink Cash: Designed for small business owners seeking unlimited cash back and accelerated earnings on everyday business purchases: dining, fuel, home improvement and office supplies. Earn 3% on eligible business purchases.  Ink Cash provides business-sized credit limits, flexible payment options and online expense management tools.  Ink Cash has no annual fee.

More information about the Ink from Chase can be found at www.chase.com/ink.

I mentioned the $100 bonus from Sovereign Bank back in this April. And to my surprise, I found that my promotion link to the $100 is still alive! In other words, Sovereign Bank is offering $100 sign up bonus for opening a new checking account and making required banking activities. This is a great chance for Sovereign Bank new customers who want to make this easy $100 bonus.

Here is how to get the $100 bonus:

• Open a Premier or Interest Checking Account along with a minimum $100 deposit by 10/30/2009
• Open a Sovereign savings or money market savings account with a minimum $100 deposit
• Enroll in Online Banking at account opening
• Use the checkcard issued by Sovereign Bank and make 2 qualified purchases within 60 days of account opening

Fine print:

In order to qualify for this cash bonus, you need to: (1) open a new Sovereign Premier Checking, Business Owner Premier Checking, Interest Checking or Partnership Checking account by October 30, 2009, with a minimum opening deposit of $100; (2) request a Sovereign CheckCard (“CheckCard”) and make 2 CheckCard purchases within 60 days after you open your account; (3) open any Sovereign savings or money market savings account with a minimum opening deposit of $100 or already have a savings or money market savings account; and (4) enroll in Online Banking at account opening. When you qualify, you will receive a credit of $100 to your new checking account within 75 days after you open your checking account. One $100 credit per customer.

Although there is no direct deposit required to get the $100 bonus, direct deposit is needed to avoid the $10 monthly fee for the interest checking account.

Promotion link to the Sovereign Bank $100 bonus is here.

Chase just sent me a mail regarding the new rewards program for Chase Freedom Card with Chase Exclusive. I’m sad to tell you that the rewards for this Chase Freedom Card is getting worse. BUT, Chase gives the new rewards program a better name-Chase Ultimate Rewards.

Previously, Chase exclusive (people who have a checking account at Chase) for Chase Freedom Card members can get 3% cashback from 6 different categories each month. Now, you can get 1 point for $1 spent plus 10% bonus points (minimum $10 to start getting bonus points). If you are a Chase exclusive member, you can get 10 bonus points for each transaction. If you are not a Chase exclusive member, sorry, all you can get is 1 point plus 10% bonus points.

Let’s do the math:

Previous Chase Freedom Card: $100 can give you $3 cashback which is equal to 300 points.

Current Chase Freedom Card: $100 can give you 100+10+100 (maximum, assume $10 each transaction)=210 points.

The 210 points are based on the assumption that you use 10 transactions with $10 each, and 210 points are the maximum bonus you can get.

More information about the new Ultimate Rewards program can be found at chase.com/tour.

PNC Bank is offering $150 sing up bonus for celebrating its first branch entering the New York City. (WE has seen similar promotion from WaMu before.) Usually, PNC bank (and National City Bank) is offering $75 bonus. This $150 bonus is twice of what we typically can get. Since this promotion is available at the new branch only, there is no online account opening options. This address of this new PNC branch is located at 340 Madison Street between 43rd and 44th Street. Of course, direct deposit is required to get the bonus.

There are 3 checking accounts that are eligible to get the bonus: Free Checking, Performance Checking and Performance Select Checking.

Branch Location and Hours:
PNC Bank Madison Branch
340 Madison Avenue
Telephone: 212-661-1064
Hours: Monday – Friday: 7am-7pm

Attached is a scanned flyer of this promotion.

Microsoft via Digital River has the Windows 7 home premium and Windows 7 professional for sale at $29.99. This is a download version, if you want to order a CD you have to pay $13 more. This promotion is aimed to students only. You must have to have a valid edu email address to purchase Windows 7 products. Obviously, this is a great deal if you are using Windows Vista and want to switch to the new Windows 7 operation system. Normal price for a Windows 7 home premium would be $119.99!

YOU have to enter your school address ended with edu to star the purchase. After submit your email address, a link to place the order will be provided and you have to click the link to make the purchase.

Here are some instructions after enter your email address:

To Purchase:

1. Check your email inbox.
2. Click on the link in the email to access to the store.
3. Purchase your license/product key.
4. IMPORTANT! Hold on to your confirmation email. You will need this if you need to restart the installation process.
5. Checkout and download Windows 7!

If you do not receive the email:

1. Check your junk or spam folder.
2. Add “studentwindows.us@digitalriver.com” to your email contacts list or whitelist.
3. Request your university IT department add “studentwindows.us@digitalriver.com” to their email whitelist.
4. Click here to resend your password.
5. If the above actions do not work, contact Customer Service.

This promotion ends on Jan 3rd, 2010.