Well you can. First, most people can call their credit card company and request their card be denied if they exceeded their limit.
That aside, I would like to see the chose to block credit card over-limit transactions before you apply for your credit card, along with the ability to change/update your decision online. You shouldn’t have to jump through hoops to save money and prevent fees.
Think about it? How irritating is it when you pass your limit by fifty cents and get slammed with an over limit fee. At least, the Credit CARD Act prevents companies from increasing your interest rate unless you’re over 60 days late (I just skimmed the Credit CARD Act to confirm this).
This is about giving consumers more control over their finances. Sweet and simple. Options.
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Let’s make the Fed require verification before allowing ACH withdrawals from your account. ACH (Automated Clearing House) is a government agency whom processes electronic transactions governed by the Federal Reserve. In order to process ACH transactions a company has to be registered with the Fed. The problem comes in that there is no verification of identifiable information before an ACH withdrawal is done. All a thief needs are your routing number and account number, found on any check. Not comforting.
