Senate hearing on bank overdraft fees
Posted by ConnPolitics.tv Staff on November 17th, 2009
Washington (AP) – A Senate committee is hearing testimony today about the need to change the way banks impose overdraft fees.
In prepared remarks, consumer advocates tell the Senate Banking, Housing and Urban Affairs Committee it’s an expense that hits young depositors and the poor particularly hard.
They say last year, bank fees more than doubled to nearly $24 billion, with nearly half of them involving debit card and ATM overdrafts.
The Federal Reserve last week also announced a rule, to take effect July 1, under which banks would have to secure their customers’ consent before charging large overdraft fees on ATM and debit card transactions.
And committee Chairman Chris Dodd of Connecticut is sponsoring a bill allowing consumers to “opt-in” for overdraft protection.
9 comments
Comment from: GLENNA MACDONALD [Visitor] 
30$ charge because joe shmo didn`t cash last months check until this month and I already wrote a check to someone else.30$,Yikes! for each joe shmo.
~Peace Glenna~
~Peace Glenna~
11/17/09 @ 15:07
Comment from: Visitor2 [Visitor]
I have never paid an overdraft fee in over 30+ years of having checking accounts etc.
It's not because my banks don't charge fees but rather - I pay attention to what I have and what I spend.
Personal responsiblity goes a long way........
It's not because my banks don't charge fees but rather - I pay attention to what I have and what I spend.
Personal responsiblity goes a long way........
11/17/09 @ 15:27
Comment from: I pay the bank on a regular basis [Visitor]
The bank should have to stop the fees. I went to the bank withdrew $100 & a month later I had to pay them back because they forgot to debit it out my account. I was charged $35.00 three times for the posted items that were not going to clear, the amount of each item when it cleared and $35.00 three additional times because it cleared. Explain to me how 3 items totalling $15.00 cost me an additional $210.00. Please look into Wachovia /Wells Fargo
11/17/09 @ 15:39
Comment from: Get Real [Visitor]
I agree that the fees are hefty and even when one is responsible, errors happen and sometimes that just snowballs.
I will argue that the first X infractions be charged a lesser rate........
I will argue that the first X infractions be charged a lesser rate........
11/17/09 @ 17:04
Comment from: Hosed By The System [Visitor]
Banks & credit card company's have been screwin the consumer for decades....
People need to start MORE personal responsibility with their OWN finances.....we already see how the government gets around it....just check out our debt NOW...getting worse every passing day...
Cut your credit card usage by at least 20%....PAY CASH.........screw the "credit industry" this is one of the biggest reasons this country's debt load is out of control....
Keep it simple.....whatever you put on your damn plastic make sure you can write a check to pay the statement IN FULL.........I have been doing that since I got my first credit card in 1973..........
People need to start MORE personal responsibility with their OWN finances.....we already see how the government gets around it....just check out our debt NOW...getting worse every passing day...
Cut your credit card usage by at least 20%....PAY CASH.........screw the "credit industry" this is one of the biggest reasons this country's debt load is out of control....
Keep it simple.....whatever you put on your damn plastic make sure you can write a check to pay the statement IN FULL.........I have been doing that since I got my first credit card in 1973..........
11/17/09 @ 18:11
Comment from: Hosed By The System [Visitor]
Banks & credit card company's have been screwin the consumer for decades....
People need to start MORE personal responsibility with their OWN finances.....we already see how the government gets around it....just check out our debt NOW...getting worse every passing day...
Cut your credit card usage by at least 20%....PAY CASH.........screw the "credit industry" this is one of the biggest reasons this country's debt load is out of control....
Keep it simple.....whatever you put on your damn plastic make sure you can write a check to pay the statement IN FULL.........I have been doing that since I got my first credit card in 1973..........
People need to start MORE personal responsibility with their OWN finances.....we already see how the government gets around it....just check out our debt NOW...getting worse every passing day...
Cut your credit card usage by at least 20%....PAY CASH.........screw the "credit industry" this is one of the biggest reasons this country's debt load is out of control....
Keep it simple.....whatever you put on your damn plastic make sure you can write a check to pay the statement IN FULL.........I have been doing that since I got my first credit card in 1973..........
11/17/09 @ 18:12
Comment from: Visitor2 [Visitor]
"Keep it simple.....whatever you put on your damn plastic make sure you can write a check to pay the statement IN FULL.........I have been doing that since I got my first credit card in 1973"
Great advice by Hosed.......
I have three CC's, one personal and the others for business. I pay each balance off every month and pay no interest or fees.
But there is more - In 2007 I made over $3200 on the cards and in 2008 over $1900. The cards I have are Capital-1 rewards that pay 1% back.
Most of the rewards were due to business purchases - Why not get free money back just for using your card?
There are smarter ways to manage your finances and it's easy to do.
A little discipline and smart decisions is all it takes......
Great advice by Hosed.......
I have three CC's, one personal and the others for business. I pay each balance off every month and pay no interest or fees.
But there is more - In 2007 I made over $3200 on the cards and in 2008 over $1900. The cards I have are Capital-1 rewards that pay 1% back.
Most of the rewards were due to business purchases - Why not get free money back just for using your card?
There are smarter ways to manage your finances and it's easy to do.
A little discipline and smart decisions is all it takes......
11/17/09 @ 19:40
Comment from: onion- milford [Visitor]
WTNH will not report on the security breach that is putting many CT. citizen at risk. The breach affects People's United Banks, Master Money Debit cards. The breach occurred at Heartland Payment Systems who handles transaction for Master Card.WTNH must be afraid to take on one of their advertisers.
11/18/09 @ 06:10
Comment from: Hosed By The System [Visitor]
What about what CITI is starting to do & other credit card companies about making people have minimum "charge" limits on their accounts JUST to keep the peoples interest payments low???.....FORCE people to stay in debt...thats great if you dont carry over balance month to month, but for the people "hooked" on this country's pathetic "credit" practices its like holding a gun to em....
People need to shelve their credit cards....
CASH people..........
its the ONLY way out of our friggin mess.................
People need to shelve their credit cards....
CASH people..........
its the ONLY way out of our friggin mess.................
11/20/09 @ 07:28
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