Overdraft fees netted nearly $37 billion for banks in 2008, and with so many major financial institutions like Bank of America hurting for cash this year, consumers can expect an assortment of banking charges to climb even higher in 2009. It’s a double whammy for money-strapped Americans because the people most likely to get slapped with overdraft penalties are the ones already on the brink of insolvency.
Recognizing an opportunity, Austin-based Probity Financial Services is now offering a bank account with no overdraft fees (up to $500 in non-sufficient funds) and zero out-of-network ATM surcharges.
The bank — whose CEO calls it “kind of like Netflix for your checking account” — charges $19.95 per month for the convenience. But if you are hapless with balancing your checkbook, it might just be a bargain.
Probity is just one of several options for people living close to the edge. It’s no wonder that such transparency is becoming attractive to more people — even if those choices can cost a little more up front.
One Comment
Ingegrity? Fairness? Honesty? Not sure that I can agree with all. I researched this company on the web for the better part of an hour before I decided to sign on with them only to be DENIED for being self employed! I was offered some LAME excuse about them not being able to determine where a self employed individuals funds come from?? What tha?? Anyway…if you ask me enough questions to determine who I am and verify them by pulling an Equifax, why can’t you look at that same equifax and determine that I am indeed self employed. I even have a website that will substantiate my employment…hell even references if need be. I felt like this would be the ideal way for my small business to save some money!! Oh well, so much for FAIRNESS!!