Debit Card Fees and Personal Responsibility

I just saw an update on the news about Bank of America ending it's "abusive practices" of charging overdraft fees to people who spend money they do not have. When you use a debit card without having money in your bank account you are spending Bank of America's money. But they can't penalize you for that? How about a little personal responsibility? That's like ordering at McDonalds, not having the money to pay for it, and just expecting McDonalds to let you pay it later when you feel like it. You don't get to be incredulous when they say no. (And, by the way, there's a system for this if that's how you roll. It's called a credit card. Don't use a debit card when you don't have money!)

The touted example of Bank of America's abuse is a military Private who racked up almost $1,800 in overdraft fees. Do you know what that means? He consistently spent money he did not have. But he is the victim? The rules and expectations of those fees are always outlined in the card agreement. So you get to be shocked and incredulous because you didn't read it?

Now Bank of America will just cut you off and deny the charge when you run out of money. This makes more sense for all involved. But should this be expected of them? Are we entitled to have them parent our spending for us when we can't have the personal resposibility to do it ourselves? That seems to be what an outraged public believes. We are entitled to have everyone else do our work for us.

I just find it sad.