Chase vs BofA for overdraft protection
This interesting article in the Chicago Tribune highlights the differences between the Chase and BofA overdraft protection programs moving forward.
Chase, on the one hand, has chosen to use fear to try and cajole its customers into voluntarily signing up for overdraft protection, which they will be prohibited by law from automatically enabling in new accounts (without telling customers about it). They continue to send repeated ominous sounding letters to customers that have not yet opted-in.
Bank of America, in stark contrast, chose the high road and has discontinued its overdraft protection program altogether, based on popular opinion (and common sense):
“We’re responding to the overwhelming majority of customers who say, ‘Don’t let me spend money I don’t have,'” BofA spokeswoman Diane Wagner said.
Fees & charges | admin June 23, 2010
