According to Money Magazine, political momentum in Washington is gaining behind a proposed crack down on overdraft fees -- the penalties banks charge when customers spend more than they have in their accounts.
"They clearly know something is coming," said Melissa Koide of the New America Foundation, a left-leaning Washington policy group. "It's a very big populist issue so these big banks and the regional ones are reacting in anticipation, and that isn't a bad thing."
Wednesday, October 7, 2009
Overdraft Fees Gaining Attention in Washington
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1 comments:
The bank's policies regarding overdraft fees are deceptive and likely illegal - that's why they usually settle when upset consumers take them to small claims court.
They have all sorts of schemes designed to maximize overdraft penalties.
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