Banks uneasy about overdraft-fee legislation

[The Straight Story]

Banks uneasy about overdraft-fee legislation

Banks are feeling uneasy about the new Senate legislation that would limit the number of overdraft fees they can charge per month on one checking account.

Sen. Christopher J. Dodd, who heads the Senate Banking Committee, unveiled the measure Monday, which among other details would require banks to warn and notify customers about overdrawing their accounts.

This comes after recent moves by large banks, such as Bank of America and JPMorgan Chase, to revamp their overdraft policies in September to be more consumer friendly.

The American Bankers Association came out with a statement late Monday against the measure. ABA President and CEO Edward L. Yingling likened limiting overdraft fees to speeding tickets.

http://news.medill.northwestern.edu/chicago/news.aspx?id=142703

[damntexdem]

1. Good -- they should be much more than uneasy.

They need to be totally upset at the least.

[earthboundmisfit]

2. And if you can't pay the fees and they close the account,

they put you on the ChexSystems blacklist, and you won't be able to open a checking or savings account anywhere for five years.

[AllentownJake]

3. Here is the problem with Overdraft fees

I had this happen to me this year. A check I wrote 60 days earlier to a charity never was cashed. I overspent a little that month and forgot about the check. I ended up being -$15 in my account. I than proceeded to get $200 in overdraft fees for $20 worth of charges.

I negotiated with the bank to bringing it down to $50, however that seems a little bit excessive to charge 10X the amount of the overdraft.

[SoCalDem]

4. My little local bank finally raised their overdraft fee to $10

for years it was $5, and in 2000 it went to $7. My bowling leagues get many checks each week, and you'd be amazed at the people who get tagged for $25 overdraft charge from the league, as well as what their own bank charges...for a $20 check. I refuse to accept a check from them until they pay the one that bounces, but some are multiple offenders over the season.

[laughingliberal]

5. Obviously an idiot...likens overdraft fees to speeding tickets

Yeah, that'll get the public on your side. Lol!

[onethatcares]

6. banks,.........consumer friendly.............WTF?????

face it, the bankers are out to take as much from the consumers as they possibly can, especially boa/chase. Gaud I wanted some of their execs to "jump fuckers" during the take the taxpayer money crisis, but my hopes were to no avail.