Bank Of America Finally Stops Cash Advance Fees

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If you are tired of paying bank fees, here is a rare piece of good news. All the major banks have been very busy throughout 2010 implementing several new policies regarding their credit cards and overdraft protection features. For example, Bank of America has a new policy that went into effect in August 2010 for their credit card customers who also have a checking account linked to the credit card for overdraft protection.

If you have been turned down for a checking account by Bank of America or any other bank, other options are available which enable you to have a checkless bank account that includes convenient online bill pay services, direct deposit for your paychecks and offer you a prepaid mastercard or visa credit card to use for online purchases and to make hotel reservations.

If a Bank of America checking account is linked to a Bank of America credit card for overdraft protection, cash advance fees for overdrawn amounts less than $10 will be eliminated altogether. Bank of America will no longer charge a fee if the overdrawn amount is less than $10. Customers must keep in mind that this revised Bank of America fee policy affects their Bank of America credit card agreement only, not their checking account. In the example above, a fee may still be charged on your checking account.

Alternatively, there are other services which are now available that will permit you to avoid the overdraft fees altogether because of the way the financial product has been structured and designed. The account will not allow you to spend more money than the money that is currently available in the account. If you are looking to rebuild your credit score, like many consumers who have been turned down for a checking account by a traditional bank, this type of a service is a reliable option to consider versus a bank checking account because the company reports all your monthly activity to PRBC, a credit agency. A Pay Rent Build Credit Report is a credit report from the nation's leading alternative credit bureau that contains active "non traditional" monthly trade line data.

Examples of "non traditional" trade lines can be for rent payments, mortgage payments, utility payment, phone bills, insurance bills and other recurring bill payments. A PRBC Report may be merged to contain in file credit report information from Experian, Equifax, and also TransUnion credit reporting agencies.


About the Author:
Nathan Randall, editor, DailyDollar Newsletter provides free daily advice on money matters plus coupons and discount codes. FYI...you can now access the DailyDollar Newsletter via iTunes podcast, YouTube video, and on Facebook and Twitter too.



Article Originally Published On: http://www.articlesnatch.com


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