Last year alone, commercial banks made over $50 billion from consumers for overdraft fees and insufficient funds / negative balance charges - their number one source of income. In February of 2007, Rep. Carolyn Maloney (D - NY) introduced H.R. 946 to Congress, the Consumer Overdraft Protection Fair Practices Act, which would have extended the protections of the Truth in Lending Act to overdraft protection programs, services and fees. prohibiting "the systematic manipulation" in the posting of debits and fees.
It was introduced into Congress, referred to the Subcommittee on Financial Institutions and Consumer Credit, and never heard from again.
Why is Congress refusing to allow a bill to make it to the House and Senate and ultimately the President to be signed into law? You're answer is as good as ours.
You may be thinking: well, it's simple, don't go into negative. But banks create practices such as highest to lowest drops, where they can post your transactions beginning with the largest amount instead of the consecutive order, and then post deposits after debits; methods like these confuse consumers struggling to balance their checkbook from paycheck to paycheck. And certainly those that can least afford it are those who fund these banks' primary income.
We NEED our government to crack down on unfair banking practices. While the President is meeting with credit card company executives to regulate escalating credit card fees, something still needs to be done about the $50 billion consumers are losing to banks from their personal checking accounts.
Last year alone, commercial banks made over $50 billion from consumers for overdraft fees and insufficient funds / negative balance charges - their number one source of income. In February of 2007, Rep. Carolyn Maloney (D - NY) introduced H.R. 946 to Congress, the Consumer Overdraft Protection Fair Practices Act, which would have extended the protections of the Truth in Lending Act to overdraft protection programs, services and fees. prohibiting "the systematic manipulation" in the posting of debits and fees.
It was introduced into Congress, referred to the Subcommittee on Financial Institutions and Consumer Credit, and never heard from again.
Why is Congress refusing to allow a bill to make it to the House and Senate and ultimately the President to be signed into law? You're answer is as good as ours.
You may be thinking: well, it's simple, don't go into negative. But banks create practices such as highest to lowest drops, where they can post your transactions beginning with the largest amount instead of the consecutive order, and then post deposits after debits; methods like these confuse consumers struggling to balance their checkbook from paycheck to paycheck. And certainly those that can least afford it are those who fund these banks' primary income.
We NEED our government to crack down on unfair banking practices. While the President is meeting with credit card company executives to regulate escalating credit card fees, something still needs to be done about the $50 billion consumers are losing to banks from their personal checking accounts.
In February of 2007, Rep. Carolyn Maloney (D - NY) introduced H.R. 946 to Congress, the Consumer Overdraft Protection Fair Practices Act, which would have extended the protections of the Truth in Lending Act to overdraft protection programs, services and fees. prohibiting "the systematic manipulation" in the posting of debits and fees.
It was introduced into Congress, referred to the Subcommittee on Financial Institutions and Consumer Credit, and never heard from again.
Why is Congress refusing to allow a bill to make it to the House and Senate and ultimately the President to be signed into law?
Banks also create practices such as highest to lowest drops, where they can post your transactions beginning with the largest amount instead of the consecutive order, and then post deposits after debits; methods like these confuse consumers struggling to balance their checkbook from paycheck to paycheck. And certainly those that can least afford it are those who fund these banks' primary income.
We NEED our government to crack down on unfair banking practices. While the President is meeting with credit card company executives to regulate escalating credit card fees, something still needs to be done about the $50 billion consumers are losing to banks from their personal checking accounts.
We signed the "Demand Fair Practices in Bank Overdrafts" petition!
# 127:
10:02 pm PST, Nov 16,David Robles, California
# 126:
7:21 am PST, Nov 16,Melanie Coughlin, Ohio
# 125:
5:35 am PST, Nov 15,Cassandra Langevin, Florida
# 124:
8:07 pm PST, Nov 14,Joshua Ellis, Michigan
I agree that these big banks that are taking the money that I pay to the government should not be holding me over a barrel by manipulating things to their own advantage. Overdraft fees should be charged on a percentage of the ammount. It is robbery to charge a $35 fee for a $2.35 charge. People should keep careful watch on their finances, but banks need to be held accountable to the people that bailed them out.
# 123:
3:25 pm PST, Nov 14,Frank Nestico, Massachusetts
# 122:
6:27 am PST, Nov 14,Dawn Holliday, Montana
Wells Fargo has consistently charged these fees even when I've put cash in the next day at 8:00-- In addition I've asked frequently about how to opt out of the overdraft fees, and they claim I cannot do this- I even requested this on September 24 when it came out in the papers, and they, are still claiming they don't know how to do this!!!
# 121:
7:53 pm PST, Nov 13,Monika Wiercioch, California
# 120:
1:38 pm PST, Nov 11,Federico Hernandez, Illinois
In this terrible economy with both my wife and I on unemployment benefits, The banks system for overdraft charges has left me over $ 200.00 dollars overdrawn in my account just because of their posting the largest charge at their whim first. This means that all your subsequent smaller charges i.e a $6.12 charge nets them a 32.00 overdraft fee. Everyday the banks make millions in these charges when people are living paycheck to paycheck. This has got to stop.
# 118:
1:28 pm PST, Nov 10,Keeawanna Corn, Ohio
As a single mother of 3, I'm tired of hearing all of the "plans" in place to improve our economy and make America a better place...how about starting simple with making it a little more possible for a working mother to raise her children. When you pay your gas bill and due to a slight miscalculation overdraw your account by ONE DOLLAR on your $90 gas bill..now I have to pay an ADDITIONAL $45 to the bank in fees..FOR WHAT? So an amount of money equal to HALF of my months heating bill goes in the banks pocket FOR WHAT??? They did nothing to earn that money however..I DID work for that $45.
# 117:
8:29 am PST, Nov 8,V Padin, Virginia
Dear Congress, I am writing to you concerning Wachovia Bank charging me twice within a week two 35.00 overdraft fees on my checking account. I am a single mother of two on social security disability. I also have breast cancer. The first fee was removed because of wachovia's way2save took 16.00 out of my account (without being explained how it works) that overdrew my acct. by 2.00. The second time they charged me another 35.00 fee within a few days because they said my checking acct. was overdrawn by .77 cents. I called and pleaded with them and spoke to (so he said he was a supvisor by the name of Mike Kelley in Salem oregon. He was very rude and laughing and speaking over me,I was so upset he couldn't even tell me who his supervisors supervisor was (support analylsis dept) futhermore he couldn't even give me the president of wachovia bank was or the phone # or address. I hope you could please help me with this matter to get the 35.00 taken off my account. I have trouble keeping up with rent, utilities, phone bills, gas prices and food prices thank you so much
# 116:
8:17 pm PST, Nov 7,Name not displayed, California
banks make enought money from their clients, stop taking holding them financial hostages!
# 115:
7:14 pm PST, Nov 7,Clarisa Robles, Minnesota
# 114:
3:00 pm PST, Nov 7,M. Robles, California
Young people who are still learning the ins/outs of banking are the ones who have the least amount of money to lose. Banks should behave better and create customers who will stay instead of gouging their customers with unending fees. They should not allow money to be withdrawn from accounts with no money in them, shame on them!
# 113:
5:07 am PST, Nov 6,M Horton, California
When did it become ok to screw your own customers ? These banks "are the bad guys" and the sooner the public becomes aware of that, the better chance they will have to fight their criminalistic fees. The banks are programming their employees to rob you and smile at the same time.
# 112:
2:27 pm PST, Nov 5,Jo Ellen Ziskind, Missouri
A simple mistake in math could cost a low income individual more than they earn in a week of hard work. It is not fair to let these unscrupulous charges stand.
# 111:
4:42 pm PST, Nov 4,Bethany Ziskind, Missouri
# 110:
11:42 am PST, Nov 3,WILLIAM D DUBINSKI SR, Illinois
# 109:
11:41 am PST, Nov 3,KATHLEEN A. DUBINSKI, Illinois
# 108:
6:57 am PST, Nov 3,Name not displayed, Minnesota
# 107:
9:10 am PST, Nov 2,Christopher Silvester, Utah
# 106:
3:09 pm PDT, Oct 29,Brian Isbell, Alabama
Regions bank holds charges for excessive amounts of time then processes highest to lowest charging you the maxium amount for a mistake. I forgot about one check. Instead of charging me the 35 for that they held debits from four and five days earlier, processed the written later, then charge you for as many items as they can. Not the first time but the third. This is rediculous that banks can get away with this! I am pissed.
# 105:
8:36 am PDT, Oct 29,Dorothy Holmes, Missouri
My checking account was just "systemactically manipulated" to gain Commerce Bank in Springfield, MO $105. of overdraft fees. I had the money in the bank, but not after they decided to take fees out and then overdraft other checks.
This practice is comparable to RAPE!!!
# 104:
8:53 am PDT, Oct 28,Sharon Cowles, Arizona
For more impact, add a personal comment here
# 103:
12:54 pm PDT, Oct 26,Name not displayed, Michigan
something needs to be done with these banks and their unfair banking policies raping consumers of their money. I was charged an overdraft fee on .01 can you believe it a penny cost 37.50. Also how do they post a transaction against your account when the money isnt available charge you bounced check fees for everything that you do have the money to cover and then reserve the posted transaction the next day.
# 102:
10:12 am PDT, Oct 23,Bill Ledbetter, Alabama
1 penny overdrawn wound up costing me almost $73 from Regions Bank. The problem really started a few years ago when they bought out Amsouth, which resulting in stepping up of their "deceptive" practices. Part of the plan was to rewrite their banking software to display your balances, debits, and credits in accounting format, where () = a negative balance, whereas before, they actually put a - symbol in front of the balance for lay people. So, in a rush I checked my balance and thought I had a $33 balance, when in fact was that much in the hole based on one penny(that's right) one penny overdrawn and the NSF fee. AFter making another small debit, I am now almost $73 in the hole. Of course, they allow you to continue to use the debit card when no money is available so they can continue to charge the exorbitant fees! After I complained, the bank took the usual stance, saying it was "technically" not a banking error, so they would graciously refund 'half' of one fee, $16! Regions will never see another cent of my money!
# 101:
9:49 am PDT, Oct 21,Janice Maliska (UCC 1-308), Illinois
