Bank of America plans to authorize only single debit card transactions at the point of sale from beginning of this summer, to provide more control, choice and clarity for its customers.
The change is expected to help customers by reducing the likelihood they may inadvertently overdraw their account and thus eliminate unexpected overdraft fees on these transactions. Customers will still have the choice to link their checking account to another account through overdraft protection to cover these types of transactions.
Susan Faulkner, deposits and card product executive at Bank of America, said: “Our customers have been clear that they want to know if a purchase is going to overdraw their account. Our solution is simple, clear and helps customers control their finances by reducing the possibility of over-extending themselves at the point of sale with a debit card.
“We understand that the environment has changed, and we are changing with it. We will continue to make changes to our products, services and solutions that deliver more value to our customers by providing the clarity, control and choice they need to better manage their everyday finances.”