 Missing Money?
Banks and credit unions are skimming cash from their customers' bank accounts through unfair overdraft practices. Rather than discouraging overdrafts, the system most banks and credit unions use creates more overdrafts—and more fees. Bank and credit union overdraft fees increased 35 percent in two years, rising to nearly $24 billion per year in 2008.
The FAIR Overdraft Coverage Act, S 1799 in the U.S. Senate, and the Overdraft Protection Act of 2009, H.R. 3904 in the U.S. House, would significantly rein in these practices. They would require that banks and credit unions get explicit permission before enrolling their customers in these expensive programs—the least they can do. They would also require that the size of the fee be related to the cost of the covering the overdraft, and that banks charge no more than one of these average $34 fees per month or six per year. And the outrageous practice of re-ordering customer transactions in a manner that triggers more overdraft fees will be banned.
Talking Points
- Banks and credit unions are engaging in unfair practices on a large scale, costing people like me unfair and unreasonable amounts of money.
- They should not enroll me in expensive overdraft coverage without my knowledge and consent.
- They should not charge $34 fees for small overdrafts without warning.
- They should not engage in practices that drive up my fees, like changing the order of my daily transactions.
- This is what happened to me...
Dear [ Decision Maker ],
I am asking for your full support for S. 1799, introduced by Senator Dodd, and H.R. 3904, introduced by Congresswoman Maloney.
(Edit Letter Below)
Please provide content for your letter
Sincerely,
[Your name]
[Your address]
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