| In these troubled times many people are facing such | | | | account. The result of this being high overdraft and |
| serious financial difficulties that the government has | | | | over the limit fees. |
| finally stepped in to help out. It i time to become | | | | Imagine if you were charged $35 per incident and |
| educated so that you are a forewarned and | | | | without realizing it you made four different purchases |
| forearmed consumer. | | | | that added up to $20 over the amount of money you |
| Before I go into opt-in overdraft and over the limit | | | | actually had in your checking account. Your overdraft |
| coverage regarding banking and credit cards, it is a | | | | fees would add up to $140! This type of thing happens |
| good idea to get a clear understanding of the new | | | | all the time. That is why it is an extremely profitable |
| laws that will be enforced as of August 15, 2010. | | | | way for banks to obtain your money. Even going over |
| During this time of a recession in which everyone | | | | just a few dollars can cost you $35.00 in overdraft |
| around the world is having difficulties with their finances | | | | charges. |
| most people are looking for ways that we can save | | | | What the government has done is plugged this |
| money. One of the ways we can save money is by | | | | loophole and no longer are banks allowed to let you |
| paying attention to what we truly can't afford. The fact | | | | spend more money than you have in your checking |
| is having overdraft protection and being able to go | | | | account when you use your debit or ATM card. |
| over our limit on credit cards has made us lazy and | | | | Now, the banks have to sway or scare you into |
| kept us in debt. | | | | opting-in to overdraft protection regarding ATM and |
| This laziness has generated an estimated amount of | | | | Debit card transactions. If you do not opt-in you won't |
| $20 billion from the overdraft fees on debit card | | | | accidentally spend more money than you have. That |
| purchases and ATM transactions in 2009. In addition to | | | | doesn't sound so bad now does it? No more overdraft |
| overdraft fees that sometimes can be as much as | | | | charges to eat up your monthly income. |
| $35 per charge, banks have generated an additional | | | | The banks can on the other hand continue to allow |
| $12 billion by covering checks and recurring bills. | | | | you to spend more than you have if you use a check |
| Under the new law banks will no longer be able to | | | | or allow your bills to be paid through automatic |
| allow their customers to spend more money than they | | | | withdrawals from your checking account. |
| have in their checking account using their ATM or debit | | | | So it's time to pay attention. Know your spending limits. |
| cards. For many people this brings a huge sigh of relief. | | | | Keep enough cash on hand to fill your gas tank or |
| While it may be a little bit embarrassing to have your | | | | unexpected expenses. This is a good thing for us. But |
| card rejected at the grocery store or perhaps a | | | | beware of the persuasive tactics soon to come |
| restaurant etc., is well worth it when you consider the | | | | because banks and credit card companies are not |
| financial cost of going over your credit card limit or | | | | going to give up their $20 billion dollar profits that easily. |
| spending more than you have in your checking | | | | |