If you are tired of overdraft fees eating up your money then I’m here to let you know help is on the way! As of October 19th, Bank of America will allow you to opt out of overdraft protection for your debit card. J.P. Morgan Chase will also begin to let people opt out of overdraft protection in the first quarter of next year. Furthermore, if you decide to keep overdraft protection on your account the fees you pay will be much lower. Bank of America will not charge fees on overdrafts $10 or less and J.P. Morgan Chase will not charge fees on overdrafts $5 or less. Also with Bank of America you will not pay for no more than four overdrafts in a single day, previously the limit was ten overdrafts. With Chase you will pay for no more than three overdrafts in a single day and previously their limit was six overdrafts. Equally as important, is the way that your transactions will be processed will be changed. Previously the banks would take out the largest drafts first and then take out the smaller drafts. This caused people to overdraft more frequently. Now the banks will process transactions as they receive them which will save consumers more money. Lastly, you should call your bank and ask them if they will handle your account in the same manner as the banks mentioned above. If they refuse, at least you know you have options.
