Is Free Checking A Thing Of The Past?

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Opening a checking account with no required balance or no monthly service fees may be something that is soon going to be history. With the suffering economy, there has recently been lots of discussion and controversy surrounding overdraft transaction fees, as a new federal regulation is expected to eliminate them. To make up for these losses in revenue the banks are looking into adding additional fees to checking accounts to help fill the gap.
According to effective July 1st overdraft coverage will be an opt-in service. “Banks that offer overdraft, or bounce, protection will send opt-in notices to customers explaining the service. Banks will not be allowed to charge a fee for paying an overdraft that occurs because of an ATM transaction or a one-time debit card transaction unless the customer agrees. The rule does not apply to overdrafts that occur through the use of checks or ACH transactions such as bill pay.”
Overdraft fees have affected millions of people during this hard time and often times can be looked at as making a hard situation harder. Here at LeadPile we connect consumers possibly needing help to avoid banking overdraft fees or late payments with payday loan lenders who can loan money for a period of time to get them through. We will keep an eye on any new developments with this and let you know when changes occur!


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