How Do You Avoid The Temptation To Opt-In For Debit Card Overdraft Protection?
After 8/15/2010, banks will be required by legislation to have their account holders sign special opt-in forms to retain overdraft protection for their debit transactions. Some banks have aggressively started sending out letters warning their customers to opt-in the overdraft protection program with scary scenarios of disruption to their debit card transactions. The bottom line is that banks collect over 20 billion dollars each year in overdraft protection fees on debit cards and do not want that revenue to dry up. There are things that can be done to keep your bank account transactions processing nicely and not participating in these overdraft protection programs that are so expensive. Sign up and use online banking every day. This is just essential now for banking in the modern world. Keeping track of the charges multiple times a day is one way of avoiding egregious fees. Also, keep a calendar of automated bill payments so a deficit doesn’t take you by surprise. Communicate religious
