Remember we were talking about bank fees for overdrafts? The federal reserve had asked the people to comment on the fees that they pay banks for overdrafts. This story is in Today's USATODAY paper. The story says that since 2001, bank fees for overdrafts have gone up a whopping 50% (45.6 BILLION) and that many banks are charging folks BEFORE the transaction is even posted. Bank of America is one of those banks that started doing this earlier this year. The Feds are proposing a rule that would give customers the right to DEMAND that banks deny transactions that overdraw their accounts. Also the way banks process transactions from high to low is what often triggers the overdrafts instead of processing them in the order that they come into the bank. The consumers have filed many complaints with the FED so that is why they are taking a look. The fed website is federalreserve.gov. click on consumer information and regulation AA under the "proposed Rules For Credit Cards and Overdraft Services."
I hope that something good comes out of this for the people. I personally think the banks are making money on these overdrafts. 45.1 BILLION..that is a whole lot of somebody's money.
You guys should read some of those comments from the 50,000 people who responded to the fed.