Are banks growing more accommodating — and will that lead to even more attractive Deals of the Week?
It’s hard to say, but we do have one interesting clue this week.
Bank of America (Stock Quote: BAC) is ending its bank overdraft fee program. Now, instead of allowing a debit purchase to go through, and then charge customers $35 for the overdraft, Bank of America will reject the transaction if there isn’t enough cash in the account to cover it.
There’s a new wrinkle in the banking giant’s ATM withdrawal program. Now, if consumers try to withdraw more money than is available in their bank accounts, Bank of America will slap them with a $35 surcharge before they get their hands on the cash.
Sure, Bank of America is getting ahead of new Federal Reserve rules that block banks from allowing overdraft transactions to go through without the customer’s permission. That rule goes into effect on July 1.
But it’s a consumer-friendly gesture that should save careless bank customers some serious cash. Hopefully, it’s a trend that will continue.
Now, onto this week’s deals.
We had to check this one twice, but it turns out it’s legit.
Key Bank (Stock Quote: KEY) is offering new business customers in certain areas up to $275 when they open a new Key Business Free Checking account ($225) or a Key Business Rewards Checking account ($275).
According to the Cleveland-based bank’s Web site, the deal is good through April 30. You need to open the account and complete two Bill Pay transactions by July 2 to qualify.
The money will be deposited directly into your account after you meet those requirements. Note that existing Key Bank business customers who opened a new account in the past 12 months don’t qualify for the deal and that, if you do take advantage of the offer, Key Bank will notify the IRS of the cash "gift."
One caveat: Key Bank says that the deal is only available to customers in the following areas: Cleveland; Eastern Ohio; Idaho; Western N.Y.; Oregon; Seattle Cascades; South Puget Sound; Central N.Y.; Rochester, N.Y., Maine; Northwest Ohio; Michigan and Capital Region N.Y.