kitschchaos.com

A Chaos magician chooses power, and that means accepting responsibility. To be responsible for your finances, it’s more challenging when you cannot trust your debit card to withdraw money you don’t have on ‘credit’ costing you an ‘overdraft’ fee.

http://latimesblogs.latimes.com/money_co/2010/03/bank-of-america-junks-overdraft-fees-for-debit-cards.html

Billions of dollars in profits from overdraft fees, Bank of America and many other banks too, have been allowing people to withdraw more money than they have in their bank account with an ATM card in exchange for billing them an average of $30 for every such overcharge.

Before this past year, an ATM card would simply not allow you to withdraw money from an account with insufficient funds. This is why the bank ATM card was valuable – no overdraft fees from checks coming unpredictably and all at the same time, no opportunity to increase debt as with a credit card.

But this past year many people expecting to be unable to withdraw money they didn’t have with an ATM card, have withdrawn money and been billed overdraft fees for the privilege of putting their bank account in the red.

Bank of America has announced they will stop this practice – this SUMMER. Meaning until then, do not trust your bank card -you need to keep track of your checking account. And do not trust an ATM or online banking to give you a correct balance either, I can’t speak for Bank of America, but local banks have told us that ATMs and online account balance statements are no defense against an overdraft charge.

If you use another bank, assume your ATM card will incur you an overdraft fee if you withdraw more money than is in your account. A local bank does and they claim it’s VISA behind the overdraft issue, but it’s the bank taking in the overdraft fee money.

Really, scams to get your money are everywhere. It’s not just banks. The economy being poor and a jobless recovery have engendered the kind of desperation that enables scam artists to do their thing.

So check your account balance, see where your money is going. Something you bought online  may have automatically registered your for a porn site and you don’t even know it (this gay man once was registered for straight porn websites – it does happen!). The information on that account balance will give you a phone number and a generic company name – to find out who they are, you need to call that number or get a reverse phone number look up if you want to know who you’re calling first. Investing in a quality online reverse telephone lookup service may save you a great deal of money this year, I can recommend this one: http://kitschchaos.com/reversephonelookup.html , it works to deliver information on cell phone owners and unlisted telephones too!

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