Bank of America … will simply no longer allow debit card purchases to go through if there isn’t enough money in the account.
For ATM transactions, customers who try to withdraw more than their balance will have to agree to pay a $35 overdraft fee before they can get the money…
The bank’s new policy will kick in on June 19 (2010) for new accounts, and in early August for existing accounts. It will replace the bank’s current terms, which allow overdrafts to go through but only charge a fee if the deficit is greater than $10.
I wonder what new slightly twisted money-making scheme they have come up with to take the place of this once lucrative consumer scam.
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