Sen. Chris Dodd’s battle against banking overdraft fees continues. He introduced a bill on October 19, covering ATM and debit-card transactions as well as checks. Several other Senators are on board with the reform, as the bill is co-sponsored by Senator Charles Schumer D-NY, Sen. Jack Reed D-RI,who is chairman of the Senate [...]
Entries Tagged as 'Banking Industry'
Overdraft Fee Legislation Gaining Momentum
October 21st, 2009 · 4 Comments · Banking
Tags: bailout·Banking·Banking Industry·bounced checks·Chris Dodd·credit card fees·Diane Rehm·FAIR Overdraft Coverage Act·opt-in·Overdraft·proportional fees
“Transaction Sorting” Maximizes Overdraft Fees for Banks
July 16th, 2009 · No Comments · Banking
With the new credit card laws about to go into effect, banks are scrambling to replace the usurious income they used to be able to generate through late fees and sudden high interest rates. Overdraft fees on checking accounts are now being referred to in the banking industry as the “motherlode”. The method for [...]
Tags: Banking Industry·bounced checks·Checking Account·debit charges·debit transaction·Mike Moebs·Nightline·overdraft fees·transaction sorting
Regulators Propose Changes to Credit Card Practices
May 3rd, 2008 · No Comments · Credit Cards
OK, the feds are “trying” to be responsible by reigning in the abusive credit card practices. Two different papers reported that 7 new reforms are proposed.
The New York Times
Federal bank regulators on Friday proposed a new set of rules to make it more difficult for credit card companies to raise rates arbitrarily, conceal high [...]
Tags: Abusive Practices·Banking Industry·Credit Cards·Federal Reserve·Reform
