How special....
They already do this in Florida, until you close your account where they act surprised.
Seems like a great way to transfer customers to other banks...
Paging Captain Obvious!
They do that here in WA and I’m gone.
I predict this is going to become much more common over time. With interest rates so low, banks are now relying more than ever on fees and penalties as revenue sources.
I would hope that FReepers cut all ties to BoA after it was revealed some years ago that they were helping illegals to open accounts in the US.
20’th century: NOW account. Bank pay interest to customer
21’st century: BOHICA account. Bank sticks it to customer with monthly fees
Not a shill for Walmart, but this card absolutely saved my college aged son’s bacon:
http://www.walmart.com/cp/1073524
His paycheck had been direct deposited into a Huntington Bank account and 4 days later, my son would call me and lament that his check was gone before he’d even paid his rent. Long story short, when he would use his debit card, if he was mistaken by even ten cents, instead of turning down the charge, HNB would pay it without alerting the kid that he was overdrawn even a dime. So, they charged him $ 37.50 for the privilege of advancing him that dime (that he didn’t know about), and then $ 37.50 per day he was overdrawn. Those charges were lying in wait for the kid’s next direct deposit, and grabbed the moment his paycheck hit the account. Yes, of course, I lectured him about checking his balance daily, yada yada yada. But, kids can be stubborn. And let’s face it, lectures by Mom are boring. I got a lot less boring when he allowed these fees to consume ALL of one paycheck and half of the next check, without any of his bills being paid. This caused him to go into full PANIC mode, which got his attention better than I ever did. Mind you, through all this, HNB was texting him about all the great deals they had for him, but never once that his account was overdrawn. No phone call, no email.
I loaned him the money to get back on track with the caveat that he HAD to open this precise account at Walmart and have it paycheck direct deposited in there. Period. Why? There are NO OVERDRAFT fees. If your account contains $ 2.00, and the loaf of bread you want is $ 2.29, it will decline your debit request. End of story. No fee, nothing. Go back and pick out a cheaper loaf of bread, sonny.
He picks up one money order a month for his rent, and pays the rest of his bills using it as a debit card. It’s been nearly a year and he has had NO problems at all.
They did it to me this month. I was surprised to see the $15 charge as I had not received advanced notice that I need to use my check card or maintain a minimum balance. I am also gone.