Overdraft Reform Moving Forward

Banks ding you when you spend more than you have, and the dinging has gotten ugly.

Overdraft charges have been in the headlines lately.  Banks recently eased up on overdraft policies, but they're still under fire from lawmakers.  The fees can be abusive, and the people who pay most of them are least able to do so.

Yesterday Senator Dodd pushed a bill that would reduce overdraft charges by limiting the cost of each occurrence, how often you pay them, and the way banks use them.

Consumerism Commentary recently published a summary of recent overdraft changes and proposed legislation, complete with a chart and a handy bulleted list.

Further reading:

• Checking Account Essentials