Released: November 01, 2009

Barney Frank: Opt in for overdraft

Source: Jeff Plungis, Washington Post (Free Registration)

Bank overdraft fees as high as $39 on debit card transactions aren’t “favors” for consumers if they haven’t asked for them, House Financial Services Committee Chairman Barney Frank said.

“We wouldn’t be in a situation where we’re considering legislation if you would have had an opt-in regime from the beginning,” said Frank (D-Mass.), addressing the banking industry at a hearing in Washington on Friday. “Don’t do people favors without asking them.”

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