Finance experts, what does this mean?

[Stella_Omega]

I noticed this in the sponsered mail feed on my gmail page;
http://ahead.bankofamerica.com/2009/10/19/1801/

can you explain what this does for a typically barely-scraping-by, mostly innumerate banking client in practical, easy to understand terms?

 

[Huckleman2000]

It means that their policies are slightly less likely to take a small oversight and turn it into a $200 fee frenzy. The 2010 measures are likely necessary to comply with new laws that take effect then.

Basically, it means they are trying to eliminate the most egregious fee abuses, while doing the very minimum; and trumpeting their compliance with new consumer protections as if they are doing it voluntarily.

That's my initial read on it, anyway.

 

[jomar]

Sure, it means bend over the chair instead of the couch.

 

[Huckleman2000]

In practical terms, I think it means that if you deposited a check at 2:01 on a Thursday, thinking it would clear Monday, but it actually cleared Tuesday, but on Monday you used your debit card to put gas in your car, pay for parking, get groceries, pick up a prescription, and then went out to eat to celebrate the check... Well, instead of charging you an overdraft fee on all five of those transactions, they will henceforth only do it on the first four.

 

[TE999]

What this policy entails is the bank will be a tad more understanding of it's customers who continually bounce checks and give them plenty of warning when they have excessively abused overdraft protection. If the customer persists, the bank will attempt to educate them in practical money management principles and reduce the number of times it will cover overdrafts.

 

[Huckleman2000]

What this policy entails is the bank will be a tad more understanding of it's customers who continually bounce checks and give them plenty of warning when they have excessively abused overdraft protection. If the customer persists, the bank will attempt to educate them in practical money management principles and reduce the number of times it will cover overdrafts.

Sounds like the same tune.
Oh, beat me daddy - eight to the bar...