More on Overdraft Protection Act
Rep. Maloney statement on JPMorgan Chase eliminating fees for overdrafts of $5 or less
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY), senior member of the House Financial Services Committee, today applauded JPMorgan Chase for new overdraft policies:
Maloney bill would protect Consumers from so-called Overdraft “Protection” plans
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY), senior member of the House Financial Services Committee, along with 46 cosponsors, this week introduced the “Overdraft Protection Act” which would require a consumer’s affirmative opt-in to overdraft plans with clear disclosure of coverage and fees, require overdraft fees be “reasonable and proportional” to the cost of the transaction, limit the quantity of fees that can be charged to one per month and six per year, improve notice to consumers when an overdraft is incurred, and ban the manipulation of transaction posting order in a way that maximizes fees paid to banks.
