Monday, August 4, 2008

Last Day to send unauthorized Overdraft Comments to Feds

Today is the last day to send your unauthorized overdraft story to the Fed.
Read today's
USA Today story on another unfair bank overdraft practice and tell your story to the Fed below:

The Fed knows something smells fishy with overdraft – but do they know just how bad it stinks?

In new proposed rules, the Federal Reserve Board has acknowledged that banks are using unfair overdraft practices. But their solution doesn't go far enough.

Thousands of consumers have sent the Fed their stories during the official comment period for the proposed rules. Thank you if you were one of those consumers – it will really make a difference.

The comment period ends at 5 pm ET today, so you can still send a story now and encourage the Fed to stop unauthorized overdrafts.

The new rules would not keep banks from enrolling customers in their most expensive option for covering overdrafts without prior consent, but would only allow them to opt out of the program after the fact. Consumers should not have to "unsubscribe" from this costly system.

Under prevailing practices, banks can intentionally maximize the overdraft fees you pay by automatically approving debit card purchases that throw your account balance into the negative and by manipulating their debit-clearing systems. At the least, the Fed should make them get your approval before charging you these fees, which now average $34 per incident.

If you've been burned by unauthorized overdrafts, click here to tell the Fed. Thanks to the many who have already written.

The comments you submit will be part of the Federal public record made available to the public online and in paper form. Your name and address may be included as part of your comment.

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