Rep. Maloney Calls for Crackdown on Excessive Overdraft Fees

June 15, 2013
CBS New York  
overdraft news

Rep. Carolyn Maloney (D-N.Y.) has introduced legislation designed to rein in exorbitant overdraft charges. Although some measures have already been approved to reform the practice, estimates from various sources indicate that banks are still making a great deal of money from overdraft revenues. Maloney notes that "often times [banks] will take the largest check and process it first, thereby forcing overdraft on a series of smaller checks." Moreover, she adds, banks are penalizing customers for overdrawing their accounts by as little as one cent and charging them as much as $35 for the infraction. Her bill would offer consumers greater transparency on overdraft programs and block banks from manipulating the order in which transactions from a customer's account are debited.
Web Link

Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.