Customers at banks are often enrolled in a program known as overdraft protection. The idea is that when a transaction accidentally runs over into red or negative territory, the bank steps in and pays the transaction without the need for customer intervention. People who do not use checkbook registers often make such mistakes in using the ATM or check card.

Instead, the bank temporarily lends money to the account holder which is passed onto the merchant. This is done without acknowledgement of the account holder. The result is that he or she is not even aware that he or her account has gone negative. In fact, many banks used to enroll their customers in overdraft protection programs by default without notification. Although the bank customer gets the benefit of never having a transaction denied, he or she must pay a fee each time overdraft protection is invoked.

Both regular customers as well as Congress was angry that this was happening. To them it was a sneaky way of making money off the customers, especially when the overdraft fee was $35 and the offending transaction was perhaps only a few dollars.

In mid 2010, as a result of great financial reform passed by both chambers of Congress, automatic overdraft protection was deemed illegal. All banks must ask their customers for permission to become part of the program. Moreover, a federal court has deemed such past profits illegal and asked that they be returned to the customers. Banks are of course fighting back in court.

The abolishing of automatic overdraft protection means customers have to watch more carefully how they spend their money. One way is to monitor the checkbook register or transaction register closely.

Another way of tracking money carefully is to use checkbook software. It duplicates many of the functions of the register but uses also the advantages of a computer. Past records can be easily pulled up and sorted. The disadvantage is that the software needs a computer although small hand-held devices may soon make that possible on the go.

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