Automatic overdraft sign-up with new accounts
This makes perfect sense: Chase is giving away $20 for people that sign up for automatic payments with their debit card. According to the Center for Responsible Lending’s Debit Card Danger document, banks steer customers to use debit cards because all new accounts are signed up for automatic overdraft protection, which leads to huge amounts of overdraft fees, primarily from debit card use. Using debit cards for automatic payments will just create more overdrafts and thus more fees.
Uncategorized | admin August 26, 2009
