For those who are not aware, there is a new Regulation E that requires you to either opt in or opt out for courtesy pay on your debit card. If you are not familiar with the new law, click here to watch an online video to learn about the changes.
Many people have asked me if they should opt in or opt out. And my response: It is up to you! Here are some things to consider when making your decision:
#How frequently do you overdraft your account?
#Do you live paycheck to paycheck?
#Are you ok with being told you are declined in front of your friends or maybe business partners?
Courtesy pay is there to make sure that if you attempt to make a purchase with your debit card and you do not have the available funds in your account, then the bank will go ahead and allow the transaction to clear your account with a service of around $30.
If you have any questions regarding Reg E, feel free to email me here.
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