H.R.1456 - Consumer Overdraft Protection Fair Practices Act Sponsor: Carolyn Maloney / 111th Congress

Title
111th Congress - To extend the protections of the Truth in Lending Act to overdraft protection programs and services provided by depository institutions, to require customer consent before a depository institution may initiate overdraft protection services and fees, to enhance the information made available to consumers relating to overdraft protection services and fees, to prohibit systematic manipulation in the posting of checks and other debits to a depository account for the purpose of generating overdraft protection fees, and for other purposes. hidemore...
Summary
To extend the protections of the Truth in Lending Act to overdraft protection programs and services provided by depository institutions, to require customer consent before a depository institution may initiate overdraft protection services and fees, to enhance the information made available to consumers relating to overdraft protection services and fees, to prohibit systematic manipulation in the posting of checks and other debits to a depository account for the purpose of generating overdraft protection fees, and for other purposes. (by CRS)
Status
The bill has been introduced.

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Keeping you from paying $30 for a cup of coffee... unless you want to by Emily Derenthal, Mar 26, 2009 (5:42pm)

Pretty much everyone can agree that overdraft fees are a pain. However, they are a necessary evil- banks cannot simply foot the bill for people who overspend. If a person with a zero balance in their checking account uses an ATM card to pay for a cup of coffee, they are using the banks’ money, and the bank has the right to charge a penalty for that. The questions then become: how much can the bank charge? and, are consumers sufficiently aware of overdraft policies? H.R. 1456, the Consumer Overdraft Protection Fair Practices Act addresses the rates and practices of banks who charge overdraft fees. The heart of the issue is making sure the public is aware of bank policies as well as making sure that people are aware of when they may be subject to a fee. This is a fair deal for everyone involved.

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Its wrong by Anonymous, Sep 1, 2009 (12:09am)

The problem is when you have kids that open an account and are so tempted to overdraft.
My kids have friends that have owed hundreds of dollars from simply getting that candy bar on an early release day. Its too tempting for kids.just let it get refused and then perhaps it will teach kids some responsibility when it comes to credit cards in general.The banks are taking advantage of minors!

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