Starting July 1 2010 banks will no longer be able provide atm and debit card transactions to those w/o any money in their account (unless the account holder has pre-approved this overdraft service).
http://news.yahoo.com/s/ap/20091112/ap_on_bi_ge/us_fed_overdraft_fees
This may be a good thing over all, as most people think that if you have no money in your account, you shouldn't be able to withdrawal funds or make purchases with your debit card or at the ATM. But banks have consitently allowed the customer to do so, slapping him/her with $20-40 in over draft fees per transaction.
This could be a problem for strippers on the rare occasion that a customer buys dances, goes to the atm and can't withdrawal cash due to none being there in the first place. The bouncer can hang him upside down by his ankles and shake, but nothing is going to come out, because there will be nothing to get.
This will likely affect the way dancers currently do business. All it'll take is one customer caught out w/o any way to pay, and the girl will start requiring he pay in advance.
Overall, I see this as a necessary regulation for the vast majority of people. Especially those of us with joint accounts. I do my best to stay on top of my expenses, but have occasionally been caught with an overdraft fee because my husband forgot to tell me about a purchase or vise-versa.
Yes, it'll be embarrassing to be standing at the checkout line with the card-swipe machine blinking DECLINED. I can handle a moment of humiliation much better than a $25 overdraft fee.![]()



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