Old news, but news to me!

bobman1235

Sorry for goig overboard.

From the orig post, I took away that if someone, accidentally or purposefully, carelessly or just randomly, tried to spend more than they had, their request would be denied, unless they specifically signed up for an overdraft. Not that they would be given free money or any of the other ridiculous claims. That seems reasonable to me. If you don't sign up for an overdraft account you shouldn't get one, right? If you do sign up for one, then you sign up for the fees contained therein.

heiney9

bobman1235 wrote: »

Sorry for goig overboard.

From the orig post, I took away that if someone, accidentally or purposefully, carelessly or just randomly, tried to spend more than they had, their request would be denied, unless they specifically signed up for an overdraft. Not that they would be given free money or any of the other ridiculous claims. That seems reasonable to me. If you don't sign up for an overdraft account you shouldn't get one, right? If you do sign up for one, then you sign up for the fees contained therein.

That is correct as far as I understand. The change in the regulation is now rather than having ODP and having to opt out not to use it and get charged you now have to opt in to use it and get charged.

The change seems slight but I think it's the right thing for financial institutions to do. That was one of the gray area's in the rules and regs disclosure. I can still seeing a few that opted in trying to convince that fee's should be waived or those that opt out getting angry because checks/debits aren't being paid. That's human nature.