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Discussion: S. 1799, The FAIR Overdraft Coverage Act (7 comments ↓ | 3 wiki edits)
- This item is from the 111th Congress (2009-2010) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
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Visitor Comments
Ed Zimmerman
October 20, 2009, 6:02pm (report abuse)I'm interested in the outcome of this legislation.
Scott
October 21, 2009, 8:57am (report abuse)Why is it the financial institutions fault that a consumer can balance a checkbook?
Blake W
October 21, 2009, 8:03pm (report abuse)Problem is that banks will begin bouncing more checks instead of paying them into overdraft. So instead of consumer paying one OD fee to the bank, they will now pay one bounced check fee to the bank plus another fee to the retailer....like Walmart.
Dennis Croft
October 30, 2009, 11:26am (report abuse)The majority of the bill is good. However, where a line-of-credit has been established and there are no fees other than reasonable interest, I disagree--it is mor damaging to consumers than helpful. Eliminating the "availabale balance" provision at an ATM currently makes it impossible to allow a consumer to access his/her withdrawal via a cash withdrawal.
Nlay
December 8, 2009, 11:07am (report abuse)This will hurt the mebmer more. instead of the member having to pay an overdraft fee and have the item paid the item will be returned and then the mebmer will pay a NSF fee to the credit union and to the merchant.
YyYo
December 9, 2009, 8:30pm (report abuse)"Why is it the financial institutions fault that a consumer cannot balance a checkbook?" ~ Scott
It's about the astronomical fees charged by banks. Banks would rather that Joe Consumer does not become educated about fee structures. Otherwise, banks would not have been able to collect $24 billion in 2008. Are the fees charged only to cover the cost of operations? Don't be ignorant. Banks have shareholders interests to look out for, not the consumer. Consumers should still beware even if this act passes. This act will also affect credit unions however credit unions are member-owned. This means that there are no CEOs that must have their pockets filled and no stockholders to pander to. Hopefully, this will help people to open their own eyes to the deception and move all their money and business to a credit union. The passing of this act is only a band-aid. Join a credit union!
Holly
April 8, 2010, 5:36pm (report abuse)Banks use outlandish tactics to nickel & dime the account holder out of hard earned money. I don't know how many times I've seen the bank charge me 4 or 5 overdraft fees because they debit the largest amount first. I understand that, yes, I should balance my checkbook, but why, if I have 12 dollars in the bank and 5 charges pending 4 of which are $1 each and the other $13 I should be charged 5 overdraft fees at $38 a pop, when the money was clearly available for 4 of the transactions. This is how the banks get ya. Some banks, thankfully mine included, are considerate enough, especially if you've held the account for a long time, to refund part of if not all of the fees. I honestly don't think, by any means that the financial institutions will suffer if this bill is passed. They'll figure out some other way to get their money.