Bank Atlantic Overdraft Assistance : Addendum

No Comments// Posted in Uncategorized by on 04.19.10.

I hate to post on the same thing twice, but I feel like I have to follow up my previous post with an update.

The other day, I went in to Bank Atlantic to change the name and address on my debit card (I’m officially Lauren Kates now, hooyay!) and the “Overdraft Assistance” option came up yet again. This time, in the form of a piece of paper they gave to me to sign to affirm that I agree to Bank Atlantic’s new overdraft policies.

Let me recap from my previous post on the subject on the BankAtlantic Debit Card Overdraft Assistance :
“Overdraft Assistance” is exactly that… it HELPS you to OVERDRAFT. Recent banking regulations have made it so that overdraft fees have to be an opt-in program and banks have to have their default option to simply decline your card should you overdraft, a provision that is meant to protect consumers from the absolutely exorbitant fees that can occur simply from a miscalculation. I’d personally MUCH rather have it decline and myself potentially face momentary embarrassment than to potentially face hundreds of dollars in overdraft charges simply because I didn’t realize I was overdrawn.

I was immediately taken aback by the form, because I knew what these policies were and had specifically NOT opted in, and now it was being presented to me as if I didn’t really have a choice. The girl helping me was quite nice (I actually went to middle school with her) but she didn’t even seem to realize that the “feature” her bank was pushing is actually BAD for it’s customers. When I told her I did not want to be a part of the program, she said “Oh, it’s just about overdrafting, so that if you overdraft you can still make your purchases.” It’s like people aren’t thinking this program through at all, and that’s terrifying.

So I did get away with not signing the form, and I did note on the account that I will absolutely never be adding that particular “service”, but I feel like I have to post one more time to get the warning out there.

Also a note: I wish I could link you back to a Bank Atlantic page explaining this valuable program, but it is mysteriously not mentioned on their site. COOL.

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