Zephik
06-14-2010, 09:11 PM
This is something my bank (US Bank) has just addressed me about. Hmm...
"How New Regulations Will Affect You
In the past, U.S. Bank automatically provided overdraft coverage for all types of transactions (everyday check card purchases, ATM withdrawals, checks, U.S. Bank Internet Bill Pay and recurring check card purchases). Now, we need to hear whether you would like to continue to receive this service for ATM and check card transactions.
If you say "yes": U.S. Bank may cover ATM and everyday check card transactions when there is not enough money in your account. This way, you may be covered for an unexpected emergency and avoid the inconvenience of having your ATM or everyday check card transactions declined; you may be assessed overdraft fees if we authorize and pay an overdraft item.
If you say "no": If you have insufficient funds in your checking account, your ATM or everyday check card transactions will not be authorized and paid and you will not be assessed overdraft fees for ATM and everyday check card transactions1 (http://www.usbank.com/choice/#disc1_3). Even after the new rules take effect, we'll still provide standard overdraft coverage on certain transactions like checks, U.S. Bank Internet Bill Pay and recurring payments (i.e., gym membership monthly dues). Important: These transactions are eligible for overdraft coverage regardless of whether you choose to opt in to ATM and Check Card Overdraft Coverage.
These transactions will be covered under the same fee schedule as all other overdrafts. However, all decisions about whether to pay an item into overdraft are at the discretion of the bank."
Hell yes I'm saying No! lol God I'm so tired of.. okay, well, I haven't had an overdraft fee is like a year, but that's probably also relative to money being tight. But they're kind of tricky about this stuff. Like pending transactions.. oh no, of course they wouldn't subtract the pending from your account balance until AFTER it goes through, making you think that you have money when you don't. Why would they subtract it, and if it doesn't go through, then return it when they could do it the other way and charge me $35 for each and every transaction over a nickel.
So yeah, I'm saying No. I don't want to be charged over-draft fee's just because I accidentally forgot how much I actually have, or because I forgot to check for pending transactions.
Do other banks give you this kind of option? It's the first I've heard about it.
"How New Regulations Will Affect You
In the past, U.S. Bank automatically provided overdraft coverage for all types of transactions (everyday check card purchases, ATM withdrawals, checks, U.S. Bank Internet Bill Pay and recurring check card purchases). Now, we need to hear whether you would like to continue to receive this service for ATM and check card transactions.
If you say "yes": U.S. Bank may cover ATM and everyday check card transactions when there is not enough money in your account. This way, you may be covered for an unexpected emergency and avoid the inconvenience of having your ATM or everyday check card transactions declined; you may be assessed overdraft fees if we authorize and pay an overdraft item.
If you say "no": If you have insufficient funds in your checking account, your ATM or everyday check card transactions will not be authorized and paid and you will not be assessed overdraft fees for ATM and everyday check card transactions1 (http://www.usbank.com/choice/#disc1_3). Even after the new rules take effect, we'll still provide standard overdraft coverage on certain transactions like checks, U.S. Bank Internet Bill Pay and recurring payments (i.e., gym membership monthly dues). Important: These transactions are eligible for overdraft coverage regardless of whether you choose to opt in to ATM and Check Card Overdraft Coverage.
These transactions will be covered under the same fee schedule as all other overdrafts. However, all decisions about whether to pay an item into overdraft are at the discretion of the bank."
Hell yes I'm saying No! lol God I'm so tired of.. okay, well, I haven't had an overdraft fee is like a year, but that's probably also relative to money being tight. But they're kind of tricky about this stuff. Like pending transactions.. oh no, of course they wouldn't subtract the pending from your account balance until AFTER it goes through, making you think that you have money when you don't. Why would they subtract it, and if it doesn't go through, then return it when they could do it the other way and charge me $35 for each and every transaction over a nickel.
So yeah, I'm saying No. I don't want to be charged over-draft fee's just because I accidentally forgot how much I actually have, or because I forgot to check for pending transactions.
Do other banks give you this kind of option? It's the first I've heard about it.