Overdraft programs and fees Informative - Overdraft reform proposal
We'll see what happens with this, as I can assure everyone that banks will fight this vehemently via their growing legion of lobbyists:
Rep. Carolyn Maloney (D-N. Y.), chairman of the Joint Economic Committee Chairman, late last week introduced a bill (H. R. 3904) that would require a written opt-in for banks to enroll customers in overdraft protection programs. The legislation, among other things, also would limit overdraft fees to one per month and six per year, require fees to be proportional to the cost of processing overdrafts; mandate that customers be warned if an ATM transaction would overdraw their account; and require transactions to be posted “in such a manner that the consumer does not incur avoidable overdraft coverage fees.”
House Financial Services Committee Chairman Barney Frank (D-Mass.) is one of the bill’s original co-sponsors. Senate Banking Committee Chairman Chris Dodd (D-Conn.) introduced similar legislation on Oct. 19.