Bank of America Overdraft Fees Internet, Nationwide

First let me say..you do have a responsibility not to overdraw the account. Especially if you know the bank is allowing this...and charging a handsome fee.

Now..where your leg was pulled..you stated..."When my husband inquired as to why we were allowed to continue to withdraw money after our account was in the hole, the guy replied that our good credit standing allowed us."

Whoever this "guy" is who told you that..is an ignoramus.

The reason you are allowed to continue to withdraw money after your account is in the hole is because this bank has you enrolled in a 'service" called "courtesy overdraft protection". Up until recently..this "service" was considered mandatory by this bank...it had NOTHING to do with credit standing..that is a royal CROCK. EVERY SINGLE checking account customer with BofA is "automatically enrolled into this service regardless of credit history. And for good reason..the FEES it produces will give the officers quite a healthy bonus this year.

Ironically, this bank as recently decided to allow customers to opt out of courtesy overdraft protection.

Now,.opting out is a good way to help prevent you from "hurting yourselves" anymore..and a good way to stop the bank from charging and compounding fees on top of fees.

If you choose to opt out...any DEBIT CARD transaction will be declined at a point of sale or an ATM if it will bring the account into the red.

The thing is if you opt out of OD protection you need to be extra extra careful if you use checks or auto bill pays..NSF fees are just as bad..if not worse and can get you into trouble.

The "automatic courtesy overdraft protection service" as well as the bank re-sequencing transactions so the largest one wipes out the account first..was put in place to better protect large payments, such as a mortgage. But these days with customers using a debit card for lots of small purchases...the only thing overdraft protection and re-sequencing has done...is to become a major profit center for the bank..and hurt the most vulnerable during this horrible recession.

So protect yourself as you see fit..if you leave it up to the bank..they will fee you into oblivion and/or the homeless shelter.