2009-10-30
No more overdraft fees?
Written by: Chelsea McManus
Good news for all of those shopaholics! A new bill that is moving through the House of Representatives and the Senate will limit banks' ability to charge pesky overdraft fees, to a maximum of six a year, to be exact. The new bill will also make overdraft protection a sevice that you can "opt-out" of, and the bank will decline your card if no funds are available for the purchase.
It's funny that banks say that overdraft protection is a favor to their customers. In my experience, these fees are not a saving grace. All they do is add more financial stress because often times the amount that is overdrawn is under $5, so I end up paying $35 for my vanilla latte. To add insult to injury, the bank does not make you aware of the lack of funds, and continues to charge an overdraft fee for every new transaction.
I'll say it is about time the government cracked down on excessive overdraft fees, especially since said banks made $36.7 billion dollars in overdraft fees last year. Stimulus, what stimulus?
Photo Credit: abcnews.com
It's funny that banks say that overdraft protection is a favor to their customers. In my experience, these fees are not a saving grace. All they do is add more financial stress because often times the amount that is overdrawn is under $5, so I end up paying $35 for my vanilla latte. To add insult to injury, the bank does not make you aware of the lack of funds, and continues to charge an overdraft fee for every new transaction.
I'll say it is about time the government cracked down on excessive overdraft fees, especially since said banks made $36.7 billion dollars in overdraft fees last year. Stimulus, what stimulus?
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