Earlier this month, new federal legislation regarding automatic overdraft coverage went into effect. Banks are still allowed to offer overdraft protection on checking and debit card accounts, but it can only be provided as an opt-in service. It’s no longer automatic or set up by default. As a result, banks are getting more [...]
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Automatic overdraft coverage, or an overdraft line of credit, is a fat cash cow for banks — worth billions in pure profit — or at least it was. Recent federal legislation now requires that financial institutions ask customers if they want automatic overdraft coverage. Banks such as Chase have launched an aggressive (one might [...] Unsecured credit cards aren't safer than debit cards. This may sound frightening to some people, but I have a confession to make: I’m living without unsecured credit cards. Scary, isn’t it? I stopped using unsecured credit cards in 2008 — mostly out of indignation and spitefulness, rather than avoiding debt. I hated the [...] |
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