Friendly Reminder: Today Is Your Final Day to Opt In To Overdraft Protection

Friday, August 13, 2010 , , 0 Comments

If your experience has been at all like mine, you've already been accosted numerous times at the ATM by a "friendly" banker in a bright blue polo shirt asking if you have made your decision on overdraft. Each time I go to drop a check in, the Chase ATM reminds me once again that if I don't make a decision (which I did... weeks ago), my debit purchases could - GASP! - be declined at point-of-sale if I do not have enough money in my account to cover the purchase.

Well what the fuck, they should be.

Anyway, since the August 15th deadline to opt in to overdraft protection falls on a Sunday, you have until end of business today to tell your friendly neighborhood banker whether or not you'd like your purchases you can't afford to be covered (with fees) by their helpful overdraft protection. I did it all online though the ATM - at least Chase's - also allows you to make your choice.

I recommend the "shove your overdraft protection up your ass" method as that has worked well for me at Chase so far. Check out the Center for Responsible Lending's thoughts on this ferocious campaign to get you to say yes to overdraft protection.

Banks made $24 billion on overdraft fees in 2008 and are obviously concerned that one of their greatest cash cows has been slaughtered by the Fed. It's cool, I'm sure they will find plenty of other ways to squeeze money that isn't theirs out of customers.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.