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From a Washington Post article on proposed legislation to regulate overdraft fees: “Rep. Spencer Bachus (R-Ala.) said he avoided overdraft fees with a credit line and asked if many of the problems could be eased with consumer education.” Good on you,... Full Article at Brad DeLong's Semi-Daily Journal
Related Articles
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Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. Additionally, entries that are unsigned or contain "signatures" by someone other than the actual author will be removed. Full Article at The Washington Post
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Bank overdraft fees as high as $39 on debit card transactions aren't "favors" for consumers if they haven't asked for them, House Financial Services Committee Chairman Barney Frank said. Full Article at The Washington Post
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WASHINGTON (Reuters) - U.S. lawmakers and consumer activists on Friday highlighted the need to reform overdraft fees that banks charge their customers, saying all too often a cup of coffee can wind up costing $40. Full Article at ABC News
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"We have no argument that regulation failed. Consumer protection is just one of the many areas where it fell down," said David Hirschmann, the president of the U.S. Chamber of Commerce's Center for Capital Markets, which opposes the panel. Full Article at Belleville News-Democrat
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It's not simply a question of how much money it is ... It's a sense that people's integrity and autonomy have been impaired when you do this to them, and then you tell them you did it for them.
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Rather than competing by offering lower costs and truly beneficial overdraft products and services, many financial institutions are hiding behind a smokescreen of misleading terms and opaque practices that promote costly overdrafts
SOURCE: The Washington Post -
Consumers value depository institutions paying their overdrafts -- and have come to expect it -- as it helps to avoid the embarrassment, inconvenience, fees imposed by merchants and others, and other adverse consequences of having a check bounce or a transaction denied
SOURCE: ABC News -
Today's fee-based overdraft programs cause substantial injury to account holders
SOURCE: ABC News
