Tuesday, June 22, 2010

New Banking Laws Coming

This Santa Rosa Press- Democrat editorial takes a look at new banking laws taking effect July 1. They focus on the one that forbids banks from charging super high fees for covering charges made on debit cards with insufficient funds. Now you'll have to opt- in to get such overdraft coverage.

And wouldn't you figure, a month or two ago, stupid me actually opted in to one of those overdraft deals with my credit union. What was I thinking? As I was driving home from the credit union after signing up for it I realized I made a mistake.

Like the editorial points out, if you don't have enough money in your checking account, the debit charge just gets refused if you don't have overdraft coverage. That would make more sense than having them cover the charge for a $20.00 fee as I believe signed up for.

I was just in the C/U yesterday and once again forgot to opt out of that deal. I really need to remember to get out of it next time I go in.


At 9:07 AM, Blogger Rose said...

Take a look at the new 1099 rules.

At 4:43 PM, Anonymous Anonymous said...

Ya, part of the new health care package I believe.

My guess is next year the mighty O will give us 60 days to turn in our green money for red. After that green will be worthless. An if you have over $10,000 cash you better have a damn good reason.


At 11:00 PM, Blogger Rose said...

Yep. tucked into the "healthcare" bill. Now every business will have to 1099 every entity it pays money to - 1099 PG&E, Staples, the landlord, the water company, the newspaper... things that were just deductions are now an accounting nightmare. Especially for small businessmen. It's all about control.

At 6:52 PM, Anonymous Anonymous said...

I saw on the TV that the new law prohibits banks from charging, say, a $29 penalty for overdrawing your debit card by $2. What would be wrong with requiring the bank to make the penalty fit the "crime" ?


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