New Banking Laws Coming
This Santa Rosa Press- Democrat editorial takes a look at new banking laws taking effect July 1. They focus on the one that forbids banks from charging super high fees for covering charges made on debit cards with insufficient funds. Now you'll have to opt- in to get such overdraft coverage.
And wouldn't you figure, a month or two ago, stupid me actually opted in to one of those overdraft deals with my credit union. What was I thinking? As I was driving home from the credit union after signing up for it I realized I made a mistake.
Like the editorial points out, if you don't have enough money in your checking account, the debit charge just gets refused if you don't have overdraft coverage. That would make more sense than having them cover the charge for a $20.00 fee as I believe signed up for.
I was just in the C/U yesterday and once again forgot to opt out of that deal. I really need to remember to get out of it next time I go in.