Hello everyone! The FDIC just issued their Spring issue of Consumer News.
This issue is called "Shop and Save...at the Bank" It's a buyers guide to banking products.
It contains a lot of helpful information on Mortgages, Credit Cards, Checking Accounts and Overdraft Programs, Prepaid Debit Cards, and Certificate of Deposits (CD's).
Remember with the new amendment to Regulation E, the bank must get your approval to charge you overdraft fees on any ATM withdrawals or "Everyday Debit Card" transactions. That means, if you do not "Opt in" and your account is overdrawn because you spent too much money at Starbucks today, the bank is not allowed to charge any type of overdraft fee for that purchase (Overdraft Fees, Continuous Overdraft Fees, etc).
One thing to keep in mind though, when it comes to Debit Card purchases, you may think of it as a one time transaction, but if the merchant has classified it as a reoccurring purchase, it is not covered by this part of the regulation. Examples of reoccurring transactions include: Cell phone payments (even if not set up for auto payment), gym membership, magazine subscriptions, reloading gift cards, etc.
Read the issue here: Consumer News Spring 2011
I hope you enjoyed the first post of BankCents. If there's anything you'd like to learn about, please let me know!
Helping you keep up to date on banking. From ATM's to Reg ZZ and everything in between.
