Congress recently passed a massive overhaul of the country's banking system. Called the Dodd-Frank Act, it consists of more than 2,300 pages of new rules and regulations for many sectors of the economy. Portions of the law take effect this month, including new rules on debit card transactions. The Gaston Gazette carries a report on this topic, including a quote from a Walker College alumnus.

Remember the last time your debit card was declined by a grocery store or retailer — no?

That's because your bank almost always pays debit card transactions automatically, even if your account is overdrawn. But starting Aug. 15, banks can't approve a debit card purchase from an account with insufficient funds unless you "opt in" to its overdraft protection program. The restrictions on overdraft payments are part of new banking regulations designed to make banking practices and fees more transparent to consumers.

If you opt out, the bank won't overdraft your checking account at all, even if you're only a few pennies short. They’ll decline the card.

Most banks offer an overdraft protection program, often for a fee. So consumers will have to choose between paying an overdraft protection fee or having their card denied.

We don't have any choices," said Kim Price ‘77 MKT, president of Citizens South Bank. "We don't want [customers] to be surprised, but we think some of them will be." ...

Price admitted that some overdraft programs included abusive policies that needed to be reformed, but the new restrictions could prove to be an overreaction.

Citizens South has always posted daily transactions to an account in the order that they were received, Price said, but some banks have been known to post the largest transaction first. If a large purchase saps money in the account, the customer might rack up several back-to-back NSF fees on smaller purchases. Price said Citizens South had already placed limits on the amount of back-to-back NSF fees charged to a customer.

"There have been abuses," Price said. "There are certain entities that take every opportunity to capitalize. But the unintended negative consequences could be more harmful than having a system that allows it.

Dr. George Edward Lyne, Jr., Professor Emeritus, age 83, of Fox Cove Road, Boone, the Foscoe community, died Tuesday afternoon, May 25, 2010 at home. From his obituary,

He obtained his PhD from UNC-Chapel Hill in 1973, after which he joined the management department of Walker College of Business at Appalachian State University. He taught graduate and undergraduate courses in organizational behavior, organization theory, strategic management and other subjects.

During his career he was selected as an 'Outstanding Educator of America'. He was named director of the Center for Management Development which offers training for personnel in business organizations. He was instrumental in developing training for members of the NC Savings and Loan League, equipment rental managers, public accountants, and others.

He also coordinated implementation of an MBA degree program at Winston-Salem State University. George held a number of administrative positions during his twenty-three years at ASU, including acting chairman of the management department for three years and permanent chairman from 1992 until his retirement in 1996.

Always active in student affairs, he led the process to re-establish a chapter of Beta Gamma Sigma, the national honor society in business and served as president of the chapter. He chaired the University Admissions Committee and was alumnus advisor for the Kappa Alpha fraternity.

A memorial service will be held Saturday, June 5, at 3 p.m. at St. Luke's Episcopal Church in Boone, officiated by the Reverend Cynthia Banks. A reception will follow the service in the Great Hall at St. Luke's. In lieu of flowers, the family suggests memorials to the ASU Walker College of Business Current Scholarship Fund or the Watauga County Hunger and Health Coalition, Post Office Box 1837, Boone, NC 28607.

While many economic indicators are flatlining, that are some positive trends here and there. For one, tourist numbers in some parts of North Carolina are seeing increases. That's according to Lynn Minges, Assistant Secretary of Tourism, Marketing and Global Branding with the NC Department of Commerce. She's also a member of the Walker College of Business Advisory Council.

This AP report has details.

"As the economy gets a little bit softer, folks aren't as eager to spend a lot of money. We pull in, and we see folks traveling with in their own state," said Lynn Minges, with the NC Department of Commerce.

• Aquariums at Fort Fisher and Pine Knolls Shores saw more than a 10 percent increase.
  
• Visitation at the Battleship North Carolina increased by 12.3 percent.
  
• The North Carolina Zoo saw 25 percent more visitors.
  
• The North Carolina Museum of History in Raleigh saw at least a 3 percent increase.
  
• In Charlotte, Discovery Place experienced about the same amount of traffic as last July with over 40,000 visitors.

Ged Moody, entrepreneur-in-residence within Walker College, has been named university sustainability director at Appalachian State. He will be responsible for coordinating the university's progress toward the goal of being a world leader in sustainability. He begins his duties July 1.

The position was established as part of Appalachian's strategic focus on promoting and modeling sustainability and alternative energy projects that are supported by the university's Sustainability Council.

The News Bureau has more details.

Moody earned a master's degree from Appalachian in appropriate technology in 2008. During 2009, he was entrepreneur-in-residence in Appalachian's Walker College of Business where he taught entrepreneurship fulltime while working to promote green business activities for the university and the region. In addition, he has worked with non-profit and community-based efforts to develop and promote various sustainability and green initiatives in the High Country community.