Hello friends. Longtime readers know that I like to get the facts on consumer issues and then share them so you can benefit from my research. Today our two competitors are Bank of America and Sovereign Bank.
The topic: Overdraft Protection
Bank of America
A call in to Bank of America brings me to a voice activated answering system which allows me to speak my replies to the verbal prompts rather than keying them in to my Princess phone. Once I work my way through the prompts I speak to an operator who already knows my identity by my caller ID.
This representative of Bank of America is very helpful and informs me that since I am signed up with an Advantage account, any overdraft transaction are FREE.
A call in to Sovereign Bank requires me to key in my account information and then repeat that same information to a service representative. The represeantive informs me what overdraft protection is and the fact that I have it set up for my account. She continues, by informing me that I am saving money because the standard overdraft fee is $30, and by being signed up for overdraft protection I am saving $20 on each overdraft.
I inform her that I don't pay an overdraft fee at Bank of America and she tells me that the best I can get from Sovereign Bank is a $10 fee.
The decision is unanimous. Bank of America Wins!
Now if only they'd bring back Fleet Cash one button withdrawals of preselected amounts on ATM's.