Released: September 29, 2009

Anger at bank overdraft fees gets bigger and louder

Source: Kathy Chu, USA Today

Controversial bank account fees, which have fattened banks’ bottom lines at the expense of vulnerable consumers, are rapidly becoming a black eye for the industry.

Under siege are the fees charged to consumers who spend more than they have in their accounts, whether by check, debit card or at the ATM.

Last week, four of the nation’s largest banks said they would scale back some of their overdraft policies. Their efforts, while meaningful, have failed to appease lawmakers, including powerful Senate Banking Committee Chair Chris Dodd, D-Conn., who is preparing legislation to crack down on what he calls a pattern of “abusive” practices.

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