Senate Bill Would Restrict Banks Overdraft Charges

New York Times:

In the latest attack on overdraft fees charged by banks, Christopher J. Dodd, the Connecticut Democrat who heads the Senate Banking Committee, introduced legislation on Monday to limit the number of fees charged to one per month, and to require a bank to seek consumers' permission to cover debit card and check purchases that would push their bank balance below zero.

Read the whole story: New York Times

Comments

[AladinSane]

"Edward L. Yingling, head of the American Bankers Association, warned that the Dodd bill would hurt community banks and anger consumers. “It is the equivalent of saying that drivers can only be hit with one speeding ticket per month no matter how fast they drive after getting the ticket,” he said in a statement. "

Yea, people would really be pissed off if they could only get one ticket a month...