… the only way they know how, by throwing a tiny bone to consumers in the form of slightly (very slightly) less abusive practices. But don’t be fooled. With Barney Frank (D-MA) breathing down their necks, Bank of America and Chase are going to do anything they can to keep additional restrictions of the CARD Act from being implemented early. In this case, they’ll remove some inconsequential automated overdraft fees in a bid to show what good corporate citizens they are:
New York-based JPMorgan said it made the changes, which include removing overdraft fees if a customer’s account is $5 or less overdrawn, in a bid to help its 25 million debit card customers amid the recession and rising U.S. unemployment levels.
Gee… $5! Really? I suppose if I overdraw buying a Snicker’s bar I might benefit from this sop, but on anything else? Not bloody likely! And check this out:
…it [J.P. Morgan/Chase] will start recognizing debit-card transactions and cash withdrawals as they occur, according to the statement.
Oh…fabulous! My bank is going to stop deliberately lying about my account balance.
As excited as I am about my bank’s new found concern for my financial well-being, I can’t help but wonder how fast these silly changes will be withdrawn once consumers start using their credit again, once Barney Frank and his ilk find something else to focus on?