Wells Fargo jumped on the overdraft bandwagon yesterday announcing they “will eliminate overdraft fees for customers when they overdraw their accounts by $5 or less and will charge no more than four overdraft fees per day. In addition, Wells Fargo and Wachovia customers will be able to opt out of overdraft coverage, meaning customers can specify that they don’t want their transactions authorized into overdraft if funds aren’t available to cover the transaction.”
And the Wall Street Journal reported today that Barney Frank (Chair of the House Banking Committee) and Rep. Carolyn Maloney are “going to request that the implementation date for the rest of the Credit Card Act's rules be moved to December 1st of this year instead of February 2010.”
The reason for the change in date is because some companies are "jacking up their rates and doing other things to their customers in advance of the effective date."
According to The Consumerist, “If Congress does move up the implementation date, they say it should help shoppers feel better about holiday spending because they'll know exactly what the terms of their credit cards will be come January 1st. On the other hand, if this happens you can probably expect a new flurry of last-minute rate hikes and term modifications between now and Thanksgiving.”
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