Bank of America recently announced they plan to stop charging customers overdraft fees for exceeding their checking account balance with debit cards. They go on to say they will no longer allow charges to go through if the amount exceeds the available funds in customers’ checking accounts. I say, it’s about time!
I’ve never liked the idea of a bank allowing a charge to go through for more than is available, and then tacking on a $30+ fee for the privilege. I’d much rather know at the checkout that I don’t have the $6.87 for a fast food meal, rather than discovering it cost me another $35 when I get my statement.
I hope credit cards will follow the lead, because overdraft fees are another ridiculous bank fee. Sure, the onus is really on cardholders to keep up with their available credit, but a $35 fee for going a few dollars over doesn’t add up – the punishment doesn’t fit the crime.
The Frugal Roundup
Unautomate Your Finances. Our good friend Baker just released a new eBook. He was gracious enough to send me a copy and I can easily say that it is a great read. Check it out as there are plenty bonus items that come with it. (@Man vs Debt)
Best of the Rest
- Preparing for the Canadian Income Tax Deadline
- The Pain of Ordering Online
- 28 Tips to Save Money on Car Expenses
- Why Our Search for Perfection Fails Us
- Should You Automate Your Finances?
- How to Save Money on a Wedding
- Know When to Shop to Save Money
- Simply Being Nice Will Help You With Your Business
- Parenting Teens = STRESSFUL!
- Financial Planning to Age 100
I’d like to invite those of you who visit the site directly to sign up to receive our content for free delivered via email or feed reader. It’s simple to set up and only takes a second. Did I mention it was free? Thanks to those who have already subscribed!
Don’t forget to spring forward an hour Saturday night/Sunday morning. I use the occasion as an opportunity to test our home smoke alarm and carbon monoxide detector, something that should be done at least a couple times a year.