Bank of America changes debit card rules

March 10, 2010 1:48:27 PM PST
Bank of America customers will not be able to spend more with debit cards than they have in their bank accounts.

If the charge cannot be covered, the transaction will not be approved.

Currently, overdrafts are permitted and the bank charges a fee.

ATM customers who try to withdraw more than their account balance must agree to pay a $35 overdraft fee before they get the cash.

The new policy takes effect in June for new customers and in August for existing debit card holders.