Sen. Chris Dodd wants to shakedown bank overdraft fees business

I know many people missed the Bank of America class action lawsuit deadline and many still have a problem with the overdraft fees practices of BOA and other banks. It is probably time for me to close that thread and direct folks to his site since HE has the power to affect change.

Here is a good article for dissatisfied *victims* of excessive bank overdraft fees. Banks are making in excess of $17 billion a year in fees alone. Bump interest payments...lol. Connecticut-D Senator Chris Dodd can hear the cries. Luckily, he is chairman of the Banking Committee and wants to see a decrease in overdraft fees charged by banks.

According to an AP article:

"Dodd, D-Conn., said he will propose legislation that would require customers to sign up for overdraft protection. If they don't, a bank would not be allowed to charge a fee even if the customer overspends.

Under this scenario, banks are likely to deny charges that would exceed a person's credit limit.

Congress passed a similar provision this spring as part of a credit card bill, which will take effect in February.

"Excessive, automatic overdraft fees are forcing many American families deeper into debt at a time when they are already struggling to make ends meet," said Dodd." READ MORE...

If you want to share your experience or write a note to encourage him to push this legislation you may do so here Express an Opinion.

If you prefer to write or call:

U.S. Senator Chris Dodd
448 Russell Building | Washington D.C., 20510
Tel: (202) 224-2823 | Fax: (202) 224-1083

30 Lewis St Suite 101 | Hartford, CT 06103
Tel: (860) 258-6940/(800) 334-5341 --CT only
Fax: (860) 258-6958