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overdraft fees
Debtors' Revolt: True Stories of Overdraft-Fee Survivors
By Kase Wickman - Politics DailyWe all know someone who's had a $35 cup of coffee. No, this isn't a kids-these-days rant about the coin required for a fancy-schmancy latte (extra foam, extra hot, non-fat, please). This is about cold, hard, overdraft fees. You don't even have to be a caffeine drinker to fall victim to them. Even those who pinch pennies can't escape their grasp. The Federal Reserve says that banking institutions make between $25 million and $38 million annually from overdraft fees. Bank of America, which received billions in government bailout money, is notorious for its merciless $35 overdraft fees. ...
New Fed Rules Will Restrict Overdraft Fees on Debit Cards
By David Sessions - Politics DailyNew rules announced by the Federal Reserve on Thursday will restrict banks from charging overdraft fees without customers' consent on some debit card purchases, the New York Times reports. Banks will be required to explicitly outline their overdraft policies in clear language and obtain the customer's written consent before charging fees to his or her account. Part of an effort to restrict predatory credit practices, the new regulations will take effect next summer and will affect both new and existing debit cards. The new rules will not apply to checks or recurring debit card purchases, such ...
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