Bank Overdraft Fees (Adjusting to the New Regulatory Environment)

Yesterday’s New York Times, in reviewing the current competitive personal banking marketplace, had the following characterization:

As the government cracks down on the way banks charge fees for overspending on debit cards, the industry is mounting an aggressive campaign aimed at keeping billions of dollars in penalty income flowing into its coffers.

We think the changes won’t be of much significance except for those who have fallin in the habit of overspending your account balance.  If you find yourself  in this category you’ll want to make sure you opt-in to overdraft protection on your account.  Also, you’ll want to make sure you understand the rules and charges at your bank, and shop for a better arrangement if you don’t like the changes you are seeing.

For a more blunt take on the same development, check out the Time Magazine article:

At the very least, once the overdraft rules change, consumers should stop whining about the sneakiness of bank fees (well, overdraft fees anyway, because you know there will be other fees to come).