Page 7 - Overdraft Protection News Today

Credit.com. whats so interesting is before if you didnt have enough money in your account your bank would just cover it, and then they would charge you an overdraft fee. but thats changing. right? >> thats where all those hilarious stories about $75 ice cream cones came from, because you would pay the overdraft fee, then pay the fee to the merchant for essentially bouncing the chuck, if you will. thats right, basically after august 15th, every single person has to proactively opt in if they want...

The small businesses need to get their lending. i cant tell you how many small businesses i hear from saying, carmen, i cant get a loan. i cant get anywhere. the businesses go under that is 50 more people without a job. something needs to be done. >> meanwhile, we are getting these reports that banks are looking at not on the financial regulatory reform, which is going to haul them back from a lot of the fees they were getting. >> oh, yeah. >> case in point, the banks that signed you up for over...

Thats thousands of pages. it is very complicated stuff. i want you to help me explain to the average family out here, the average consumer, lets start with this. there is a new consumer protection agency in this bill. for somebody next week or once this becomes law is applying for a credit card say or a new mortgage how does it affect them? >> very favorably. its the best additional consumer protection weve ever had. while its in the federal reserve it is independent. it will receive its mail at...

Bank encouraging you to enroll in this overdraft protection. banks cant automatically sign you up for it anymore. now you have to opt into it. before you sign up, you need to read between the lines. you need to talk to our financial analyst clyde anderson. >> how are you? >> i am well. you have to opt? >> yes. >> now, why are they coming at us right now with all of these letters and what not trying to get us to opt in? >> the rules of the game have changed now. as of july 1st they had to do this...

Account to cover it theyre going to pay for it but charge you $35 generally. >> thats one thing if you write a check that was maybe or your rent and that was a couple thousand dallas or whatever it may be, but if you just went to starbucks and you got a $5 cup of coffee, thats going to end up costing you 40 bucks. >> 40 bucks. a high-cost latte. a lot of people dont think about that. burger, $40 for a ham bugger because maybe you didnt monitor the account well. >> who would you represent this fo...

January. and cnn has confirmed entertainment agency william morris endeavor no longer represents gibson brooke anderson, cnn, hollywood. >> in response to the audio tape released by radar online mel gibs gibsons publicist tells cnn, quote, we cant comment because of the legal matter. were talking about something youve been hearing about lately and hopefully youre not getting the notices in the mail, overdraft protection. your bank wants you to have this and it can do some good, i suppose, but ...

Tj? >> a lot of people say they like the other option. all right, dont cover it for me. what generally does happen. if you dont have overdraft protection, you go try to buy something and you dont have enough money in your account. is it just rejected? >> yeah. then youre just really embarrassed, tj. you get the awkward moment in the checkout line, if you dont have money in the account and the overdraft protection, youre basically out of luck. if its worth it to you, avoiding the embarrassment at...

Yet we live in a country where were checking our e-mail one, two, ten times a day. >> an hour? >> i think we should be checking our account balances, as well. >> wow. >> so one of the things thats new is that weve been able to set up overdraft protection, if you have money in savings, the bank will transfer money for us to the checking account, theyre now starting to charge us for that. so we have to take responsibility, go online, and make those changes ourselves. transfer the money. what you w...

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