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Bank Of America To Allow Texts To OK Overdrafts

Tuesday, May 10, 2011 - 6:33 AMBank of America
Bank of America has come out with a new way to get back some of the revenue lost when the Federal Reserve changed the overdraft rules which require banks to have customers' permission before the bank can approve transactions that will overdraft an account. As reported by the AP article, BofA customers can now sign up for a pilot program which allows the customers to OK overdrafts via text messaging.

I don't know how many people will want to text their permission to overdraft their accounts that will result in a $35 charge. Considering how many people text while driving, I guess there may be quite a few that irresponsible.
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Ken TuminKen Tumin5,467 posts since
Nov 29, 2009
Rep Points: 124,996
1. Tuesday, May 10, 2011 - 8:45 AM
Knowing BofA, they will probably charge customers a $3 fee for doing this.
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ShorebreakShorebreak2,601 posts since
Apr 6, 2010
Rep Points: 14,078
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