More on Overdraft Protection Act
Rep Maloney on HuffPost: Deceptive Overdraft Fees: There Ought to Be a Law!
If you ask around, it's pretty easy to find someone who has a bank account overdraft horror story to tell. Nine out of ten adult Americans have a checking account. It's the most widely used financial services product in the United States. And according to a survey by Pew's Safe Checking in the Electronic Age project, about 18 percent of those with checking accounts have been hit in the past year by an overdraft fee.
Reps. Maloney, Waters and 44 others introduce bill to regulate so-called Overdraft “Protection” plans
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY), senior member of the House Financial Services Committee, along with Rep. Maxine Waters and 44 other cosponsors, today announced the introduction of the “Overdraft Protection Act”, H.R. 1261, at an event outside the House chambers. The bill would require a bank or other financial institution to obtain a consumer’s affirmative opt-in to any overdraft protection plan and also require clear disclosure of coverage and “reasonable and proportional” fees, would ban the manipulation of transaction posting order in a way that maximizes fees paid to the institution, and would cap the number of fees that can be assessed to a maximum of one per month and six per year.
Rep. Maloney statement on JPMorgan Chase eliminating fees for overdrafts of $5 or less
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY), senior member of the House Financial Services Committee, today applauded JPMorgan Chase for new overdraft policies:
Maloney bill would protect Consumers from so-called Overdraft “Protection” plans
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY), senior member of the House Financial Services Committee, along with 46 cosponsors, this week introduced the “Overdraft Protection Act” which would require a consumer’s affirmative opt-in to overdraft plans with clear disclosure of coverage and fees, require overdraft fees be “reasonable and proportional” to the cost of the transaction, limit the quantity of fees that can be charged to one per month and six per year, improve notice to consumers when an overdraft is incurred, and ban the manipulation of transaction posting order in a way that maximizes fees paid to banks.
