Rip-off Overdraft Fees Getting the Ax

http://www.consumerwarningnetwork.com/2009/11/13/rip-off-overdraft-fees-getti...
New protections for consumers against predatory overdraft fees were just announced by the Federal Reserve. The new rules will ban banks from charging overdraft fees on debit cards and ATM transactions unless they get the consumer's okay first.

Starting on July 1, 2010, banks will no longer be able to automatically enroll customers in overdraft protection programs, which charge fees when a consumer spends more money than they have in their account. Some banks charge as much as $39 per overdraft and charge multiple overdraft fees in one day.

In the video, consumers told ABC News how they got duped into hundreds of dollars in overdraft fees.

Category:

News & Politics

Tags:

• good
• morning
• america
• GMA
• tarp
• fees
• bank
• bailout
• abc
• news
• overdraft
• consumer
• warning
• network

[rayme4raw]

You can opt out for the overdraft protection for debit and ATM transactions, but not for checks or automatic bill payments. So Congress did a half ass job of protecting customers from banks. No one can protect us from Congress.

[rhagel1]

Bank of America has software that prioritizes checks at the end of the day starting with the highest to the lowest dollar amount. This maximizes overdrafts, even though the checks don't come in in that order. It's a fraud.

[rayme4raw]

I had that happen just recently. I closed my account with that bank since it was the first time I had done it in 5 years. They gave me no consideration for past performance.