Bank of America Will Pilot Text Alerts in 2012 For Debit Card-related Overdrafts

by Mercator Advisory Group 0

Bank of America’s retail segments executive Laurie Readhead spoke at the RBC Capital Markets conference last week. According to Finextra, Ms. Readhead told the assembled financial industry executives and analysts that the bank would test offering the customer the choice in real time to accept an overdraft fee versus having a too-large debit card transaction rejected.

Bank of America joins the growing number of banks to offer this feature to customers.

“We think this is a much better approach, to let the customer choose,” Readhead is quoted as saying.

She also confirmed that the bank’s already announced plans to close approximately 10 percent of its branches nationwide continue to be implemented.

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