Congressional Bill Would Crack Down On High Overdraft Fees

Rep. Carolyn Maloney doesn’t want you to unwittingly fork over $35 for
a cup of coffee.

Maloney introduced the “Overdraft Protection Act,” a bill
that aims to crack down on overdraft fees.

The bill aims to limit when and
how banks charge consumers who try to spend more money than they have
in their bank account.

If approved, the House bill would also: require
overdraft fees to 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; ban banks from manipulating the order in which
transactions are posted.

Critics say this is done deliberately to maximize
overdraft fees. Story by Herb Weisbaum for MSNBC.

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