Thursday, March 11, 2010
Bank of America to End Debit Overdraft Fees - Really?
In a move that could bring an end to the $40 cup of coffee, Bank of America said on Tuesday that it was doing away with overdraft fees on purchases made with debit cards, a decision that could cost the bank tens of millions a year in revenue and put pressure on other banks to do the same.
Banks are bracing for a new federal rule that will require them to get permission from account holders before providing overdraft services for debit purchases and A.T.M. withdrawals. That change was already expected to wipe out billions of dollars in overdraft revenue for the banks.
There has been considerable consumer and political outcry against overdraft fees on deposit accounts. Over the last decade, the fees have become a major source of revenue for banks as they realized they could make more money by covering consumer overdrafts, offering a short-term loan for a fee, than in denying them.
Last year alone, banks generated about $20 billion from overdraft fees on debit purchases and A.T.M. transactions, and $12 billion more by covering checks and recurring bills, according to Moebs Services, an economic research firm.
Bank of America, by deciding to scrap overdraft charges on debit card purchases instead, is hoping to bolster its reputation with consumers at a time when anger at banks for their role in the financial crisis remains high.
The bank’s overdraft policy will take effect on June 19 for new customers and in early August for existing ones. Overdraft protection will still be available, typically for a fee of $10, to customers who link their checking accounts to savings accounts or credit cards.
For more on this you can read the whole New York Times Story at the link listed below:
http://www.nytimes.com/2010/03/10/your-money/credit-and-debit-cards/10overdraft.html
Banks are bracing for a new federal rule that will require them to get permission from account holders before providing overdraft services for debit purchases and A.T.M. withdrawals. That change was already expected to wipe out billions of dollars in overdraft revenue for the banks.
There has been considerable consumer and political outcry against overdraft fees on deposit accounts. Over the last decade, the fees have become a major source of revenue for banks as they realized they could make more money by covering consumer overdrafts, offering a short-term loan for a fee, than in denying them.
Last year alone, banks generated about $20 billion from overdraft fees on debit purchases and A.T.M. transactions, and $12 billion more by covering checks and recurring bills, according to Moebs Services, an economic research firm.
Bank of America, by deciding to scrap overdraft charges on debit card purchases instead, is hoping to bolster its reputation with consumers at a time when anger at banks for their role in the financial crisis remains high.
The bank’s overdraft policy will take effect on June 19 for new customers and in early August for existing ones. Overdraft protection will still be available, typically for a fee of $10, to customers who link their checking accounts to savings accounts or credit cards.
For more on this you can read the whole New York Times Story at the link listed below:
http://www.nytimes.com/2010/03/10/your-money/credit-and-debit-cards/10overdraft.html
Rep. Kennedy Rips Media in Afghan Speech
U.S. Rep. Patrick Kennedy has a withering assessment of news media coverage: 'despicable.' The Democrat says reporters are focusing '24/7' on sexual harassment allegations against a New York lawmaker while ignoring the war in Afghanistan. (March 10)
Wednesday, March 10, 2010
Meet DTR's Mr. Potatohead
Known for his potato shaped head and botox ladden face Mr. Potato-head or "Spuds" as we so fondly call him is a daily fixture. Talk about having a face that doesn't move. He fell down the flight of stairs once and NO expression whatsoever could crack through that face that looks so pulled back or botoxed that he appears to look Asian.
Celebrities React to Corey's Death Via Twitter
As soon as news of Corey Haim’s death broke this morning, celebrities began pouring in their condolences via Twitter. Some of these big names may not have known the actor, but here’s what Hollywood is tweeting about Haim’s tragic passing.
- Alyssa Milano: Just woke up to the sad, sad news that Corey Haim passed away. RIP sweet boy.
- Ashton Kutcher: Rip Corey Haim “Childhood hero”
- Christina Applegate: My thoughts go out to Corey’s family and friends today. So sad.
- Ralph Macchio: Always so sad and disturbing when the addiction and demons prevail. RIP Corey Haim
- A&E Television: We are saddened by the tragic loss of Corey Haim who we had the pleasure to work with on the series ‘The Two Coreys…. Our thoughts are with his family during this difficult time.
- Khloe Kardashian: So sad! God bless!!!
- Lisa Ling: Goodbye Lucus. RIP Corey Haim
- Director Kevin Smith: Lost Boy goes home: Corey Haim, dead at 38. G’bye, LUCAS. You gave hope to the weird & unlikely.
- Hoda Kotb: so sad about corey haim…..
- Marlee Matlin: Another actor dies because of drug addiction. In this case RIP Corey Haim.
- Melissa Joan Hart: No way! I just saw him last week at a Lupus event! RIP!
- Adrianne Curry: Drugs dont kill people, people kill themselves w/drugs..party in their teens&continue2do so through their 20’s and 30’s, leading2death…. Corey Haim died.That is what happens when u cant grow the f— up&kick the habit.sadly,most who start dont stop.A waste of beautiful life
- Coco (wife of actor/rapper Ice T): Corey Haim Died!Crazy!He was in his 30’s.Loved his movies,License 2 Drive,Lost Boys & Lucas. Why does it seem like everybody’s dying lately?
- Danielle Staub of Real Housewives of New Jersey: “Rest peacefully Corey Haim.”
- Karina Smirnoff: What is happening with Hollywood? Corey Haim found dead from overdose. Another talent lost to drugs.
- Hart Hanson (Bones creator): Corey Haim died? That’s just sad and depressing.
- Teen actress Meredith Salanger: just woke to hear Corey Haim passed away. Heartbreaking. so sad. Rest in Peace Corey.
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