844 Debit card warning

You think the banks can get you with credit cards fees? Try overdraft fees for debt cards. My son has already been through this and now no longer has a debt card. Here's a few paragraphs from an article in the newspaper today.

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Now automatic enrollment in overdraft programs, which allow consumers to draw more than what's in their accounts, is an industry standard. Consumer advocates, who have long criticized the practice, note that some banks are even raising overdraft fees.

In February, Bank of America changed its policy to charge $35 for the first overdraft in a 12-month period, up from the previous $25. It also raised to 10 the number of times a day an overdraft fee could be charged, up from the previous five. Then last month, the bank instituted a second $35 fee for overdrafts that weren't paid off within five days.
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So as you can see it can add up real quick. Let's say a week. 10 times a day times $35 is $2450. Plus $35 times 10 times 2 is another $700. So if your using your card alot and don't know your overdrawn, you can rack up $3150 of fees in a week. Sounds like racketeering to me, doesn't it? Keep it up for a year and it's $163,000. A lot of money for not paying attention isn't it? I don't think most criminals get fee'd that much.

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