Bank of America announced last month that in June it will stop authorizing overdrafts at ATMs and for everyday debit card purchases unless a customer has a linked savings account or credit card.

While that may work for Bank of America and its customers, I believe that community banks and credit unions should continue providing their customers and members the ability to choose the overdraft service that best suits their individual financial situations. The recent amendment to Reg E reinforces the consumer's right to choose and the financial institution's responsibility to honor that choice.

Customers of community banks and members of credit unions that offer fully disclosed, consumer-oriented overdraft privilege services have always had control, choice and clarity in managing their finances. From the very beginning, Pinnacle Financial Strategies has promoted overdraft privilege as a service that protects consumers' financial standing and enables them to retain good banking relationships despite the occasional mistake or emergency.