Page 6 - Overdraft Protection News Today

Starts and permits for future building. some big changes taking effect today will impact your beb dis and atm cards. more details including what you need to know on that in just a moment several retail giants will report their earnings this week and they include home depot, target and walmart. >> lets get to it right now. the rules, the new ones taking effect concerning your debit and atm cards and those details on what this means from your personal finance expert carmen wong ullrich. good mor...

It almost looks like anybody who had the wherewithall to buy a home over the last few years, has done it. and now housing is very closely linked to unemployment and linked to confidence. its obviously a big purchase and people are saying, unless i have to move from my job or for some other reason, i just want to sit tight and see where this economy is really going to go. i mean you cant blame people. thats a prudent thing to do. >> lets get to this new atm and debit card situation that goes into...

Lets get to the federal reserve and the options. you can opt in for the overdraft protection and who should do that and who should not? >> nobody should opt in. it is ridiculous, and absolutely ridiculous, but some of the banks are reporting 80% opt-in rate, because they are scaring the consumers to opt in and you are charged $30 to $40 per transaction when you go over. so when you opt in, you are agreeing to pay this ridiculous crazy fee. >> wait a second, what if you try with the atm and debit...

Is charging you. and you could rack up hundreds of dollars for overdrawn fees and you could also be hit with additional charges per day that you go over. >> but for a cup of coffee and depending upon how addicted you are. that would be me as vera well knows. now, the banks are pushing this big time. >> yes, in my neighborhood, and not to name names, but xhas cha pushing it. they are telling the customers sign up now and you want to be protected and even saying to the customers, we wont cover you...

Or more. you wouldnt know about until you get your statement. next week customers have to request overdraft protection, otherwise if you charge more than you have in your account, the purchase wont go through. greg mcbride will tell us what it means. senior financial analyst at bankrate.com. the problem was if you -- maybe youre withdrawing 20 bucks and only have 18. they charge you $38.50 for the service. that was bad. >> a lot of people stopping off on the way to work this morning, they get a ...

The united states is offering technical assistance and firefighting equipment. and letting your bank know if you want overdraft protection for your credit card. you have to tell your bank you want them to cover you if you take too much out of the atm or buy too much with your debit card. banks used to it automatically for a hefty fee. but new rules say they have to let you decide. so its up to you if you want your bank to cut you off for insufficient funds or to let you keep going. again, for ...

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Quote, were making this claim because we believe bp inflicted catastrophic harm on the state. they say theyre suing bp for the amount it will take to make alabama whole. >> shepard: all right, rick. good luck down there. appreciate it. >> your bank has to play by new rules starting next week. we could save you money but the bank could leave you empty-handed if you dont have enough money in your account. big changes to overdraft protection. well have the details for you next. [ male announcer ] a...

So if youre returning your account balance that low that that debit card wouldnt have gone through, then the check you wrote yesterday isnt going through. the on-line payment for tomorrow wont go through. it doesnt relieve us of the obligation to keep chose tabs on the account and know how much is in there. it only ins latest us from overdrafts. >> its rough after you got your scone or new yorkers put it, bagel, and whatever, your double, triple latte and you swipe the thing. you have to ethic a...

Surveyed this. half the people we surveyed said that there is a price for embarrassment and they are actually willing to pay that $35 or $40 fee so that the bank or credit union will cover their essentially bad check as swiped with a debit card. really the question is, are you a diligent enough manager of your checking account so that know youre not going to bounce around at the zero dollar mark. if you are, then you dont need the protection. if you dont want to get embarrassed in front of frien...