An overdraft protection bill introduced in the House Wednesday would limit the amount of money and frequency with which a bank could charge a customer who tries to spend more than he has.
The Overdraft Protection Act, introduced by New York Rep. Carolyn Maloney would only permit banks to charge overdraft fees once a month and six times a year, and would require that the fees be proportional to the amount the customer is trying to spend. “With the rise of debit cards adn the constant presence of swipe-card terminal to pay for everything from a tank of gas to a candy bar, it’s easier than ever to overdraw and account,” Maloney said. “That’s how a $5 cup of coffee can become a $35 cup of coffee.”
(Source: MSNBC)
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One Response
STOP ALREADY!!!!
Dont you idiot politicians realize that the banks will make money one way or another? Dodd Frank tried that already and failed MISERABLY as we now pay more for our once free checking than ever before.
STOP!!!!