Word to the wise about credit card changes

I recently received a few missives from my friendly bank and credit card companies detailing the changes to my card and policy with respect to overdraft “protection.”

In case you were wondering about them here is the deal…

One of the recent consumer protection bills forced the banks to stop automatically charging you a fee every time you overshot your credit limit or your bank funds. They used to be able to do this as they wished and generally the fee for going over by a dollar is $35 smackers or so. Even if you had pending funds… if they hand’t been confirmed yet, “Chaching!”, more fees for the bank. Instead they are now supposed to simply deny the charge.

So now they have to get your permission to ding you every time you make an error in judgement or are unaware as to when deposits actually post to account. And so they are offering to you, free of charge this helpful and essential service the government has so unkindly denied you…. ya….

I’d advice that you decline such generous offers even if it means a little belt tightening at bank headquarters. This has been a pretty onerous scam they have been running for quite a while and I’m glad to see it go away.

Happy shopping,
Sigfried