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Enough is enough. Let’s abolish overdraft fees

Source: David Lazarus, L.A.Times (Paid Registration)

How about: If a customer doesn’t have enough money in his or her account, the transaction doesn’t go through. Period.

Or we could do what our friends across the Atlantic are doing. Britain’s Financial Conduct Authority has introduced new rules that will eliminate fixed fees for overdraft transactions. 

Instead, banks will treat overdraft protection as mini-loans with a simple annual interest rate that would amount to pennies a day.

Read Full Article: Enough is enough. Let’s abolish overdraft fees


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