Overdraft Calculators Help Avoid Debt
There are plenty of online calculators available to help consumers manage their debt, and now ING Direct has created one to raise awareness about overdraft fees.
Many times without realizing it, consumers have overdrawn their accounts, racking up numerous fees. This can often lead to bank customers having to conduct debt negotiation with their financial institution. Through an overdraft calculator, ING has determined that allowing people to borrow money for accounts and pay it back with interest is better for them financially.
ING chief operating officer Jim Kelly said that "money emergencies do happen, and ... an overdraft line of credit is a fair, affordable alternative to being charged a large fee every time your checking account goes into the red. Our overdraft calculator reaffirms how critical it is to find a bank that won't fee you to death."
The passage of a new law has changed the rules surrounding overdraft fees. Customers must now agree to such charges with their banks, ING said. If not, they will be unable to make a purchase if there aren't available funds.
If a consumer has multiple accounts with a bank, each one must be given approval for overdraft fees to be charged.
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