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What do Bank of America, text messaging, and overdraft fees all have in common? Soon, via text message, Bank of America is going to be offering its customers the ability to accept an overdraft fee for a purchase that puts them over their spending capabilities.

This is a pilot program for the bank, and customers can enroll to have the option should their spending desires require larger quantities than the amount they currently have in their bank account. When making a purchase that would put the customer in the red, a text message will instantly be sent to the user and they can accept to make the purchase for a $35 overdraft fee.

Bank of America decided to move forward with the program in order to better inform their customers if and when they were going to be negative in their accounts, and to empower them to make a decision as to whether they really want to make a purchase or not.

The decision has a legal basis as well. Last year, law makers decided to ban banks from enrolling customers in overdraft programs without their active consent. Sending a text message is the most active and accurate way to gain approval, because it allows the approval of a purchase that results in an overdraft fee to be made at the time of purchase. The great part is that if the customer deposits the correct amount of money into their account by the end of the day, they do not incur the fee.

Tags: Bank of America, text messaging

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