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.