Tuesday, April 7, 2009

Paying for "Protection"

Did you know that the average overdraft amount is $17 but that the average overdraft penalty fee is $34? Does that seem right to you?

At this very moment there are several pieces of important banking legislation being crafted in Congress. Two in particular, H.R. 627 (the Credit Cardholders Bill of Rights) and H.R. 1456 (The Consumer Overdraft Protection Fair Practices Act) are lightening rods for consumer anger and frustration.

Americans for Fairness in Lending is collecting stories from consumers about their experiences with overdraft "protection" programs to pass along to Congress and The Federal Reserve as part of the official comment period on H.R. 1456.

IMPORTANT: 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. Don't include your account numbers in your comment, or any other information you don't want made public.