More Credit Card Success!

Truth be told, I don’t really like Bank of America (BoA). I have been banking with them since I was 11 years old. I have had other accounts at other banks, but BoA is still where my highest limit card is. It began with a savings account, then a checking account… and a CD… and a creditcard… I know I spend a lot of time talking about how bad credit cards are– but since I’m telling the truth, my biggest problem was the stupid checking account card.

In high school I frequently over-drafted my account. And this was before banks had over-draft “protection”. So instead of a minor fee and a withdrawal from my savings they would just charge me. It was like $30 a day everyday with no notice. So I would check my balance a couple days later and I would have $-236 in my account. I was awful. Things got a little better as time went on and I got better at using my check card. But I was regularly giving BoA a bunch of money for the use of my account because I was good at over-drafting. The real overdraft protection would be if they just declined my card! So, when a reader pointed me to this NY Times article I was pleasantly surprised.

Bank [of America] officials said that effective this summer, customers who try to make purchases with their debit cards without enough money in their checking accounts will simply be declined.

Really? You’re really going to stop me from using money that I don’t have? That’s just down right responsible if you ask me. Maybe a little outdated. I mean that kind of thing hasn’t happened since the 1980’s at least! What will the young kids think? You know, the ones who have never seen a declined credit card? Well I would normally jump for joy- or at least pretend to jump for joy. But I’m being honest with you… so I’m just going to say:

What took you so long?

About Samantha from SocialMath

Applied Mathematician and writer of
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2 Responses to More Credit Card Success!

  1. Emi says:

    Amen! I actually just left BoA for a local bank because of all the fees they charge. I’ve given them so much of my money that I don’t think I should have had to. I’m glad to hear that they’re being sensible!

  2. Curious about Motivations says:

    I also saw and celebrated this news, but then I wondered, “Why?” I think the answer might be: with the new regulations they can only charge $2 for that $2 overdraft, so its not worth the effort to piss-off their customers for such a little amount. So the new law might have had some unintended, but beneficial, consequences. I’m just saying, “I never met a corporation with a heart

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