Today Show: Lawmakers Target 'Unfair' Overdraft Charges
Congress will get another chance to limit checking account overdraft fees that continue to annoy customers and produce billions of dollars in revenue each year for banks and credit unions.
Reps. Carolyn Maloney, D-N.Y., and Maxine Waters, D-Calif., have introduced a bill that would limit the cost of overdraft fees and prohibit practices that increase the likelihood customers will overdraw their accounts.
Banks say customers want the biggest transactions paid first because they tend to be the most important, like the rent or mortgage payment. But a survey by the Pew Charitable Trusts shows just the opposite.
“Almost 90 percent of the people in our survey said they were somewhat or very concerned about bank reordering practices,” said Susan Weinstock, director of Pew’s Safe Checking in the Electronic Age Project.
Read the full article at today.com.
- Safe Checking in the Electronic Age