As I was driving in today I heard that Bank of America would no longer allow customers to spend money that they didn't have. Amazingly enough, this little bit of genius had to be legislated, the actual Federal Reserve rule which goes into effect in July will require all banks to behave in the same way.
Apparently, what the bank has been doing is allowing debit card purchases to overdraw a persons account. This of course gets the person a nice tidy $35 (or more) overdraft fee from the bank adding to the now negative balance.
It looks like they will have to find a new way to fund the CEO's salary.
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