fee-based overdraft lending traps consumers in astronomically expensive debt and deprives families of money that they need to meet their basic needs.
Last week, the Federal Reserve, to its great credit, announced that they will require banks to get a consumer's consent before enrolling the...
That is not a deterrent. That is not a service. That is a debt trap.
It seems to me it is----
93 percent of all overdraft fees are paid by 14 percent of account holders.
That argument is baloney, that argument, and, frankly, the argument now that we are going to do away with free checking and other things.
My concern is that if we give a choice in a static environment, where I opened an account 2 years ago and I opted into this thing and I had ...
Our job on the Banking Committee is to make sure that regular folks get a fair deal from their banks.
Abusive overdraft policies are blatantly unfair. And the banks know it.
That is interesting.
If they wanted to deter overdrafting, they would deny the transactions on debit cards at the ATM.