WASHINGTON, DC – Rep. Carolyn Maloney (D-NY) released the following statement on the revisions to overdraft programs announced by Bank of America and Chase:

“The steps announced by Bank of America and Chase to reduce the burden of overdraft policies on consumers are significant improvements and will be good for their customers,” Rep. Maloney said.

“But what we need are consistent overdraft reforms for all Americans who have or open a bank account. My Overdraft Protection Act, H.R. 1456, would require all banks to allow consumers to ask for overdraft protection, require that consumers be notified when a transaction is about to incur an overdraft fee, and require that banks post the transactions chronologically,” Maloney continued.

“Consumers should have a right to decide what financial products they’ll buy, and control over their own financial accounts. That’s the principle behind my credit card reforms passed earlier this year, and we need to extend it to bank overdraft policies,” Maloney concluded.
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To read the full text of HR 1456, click here.