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Politics


Sherrod Brown announces bill to combat overdraft fees
Brown says banks do not disclose overdraft practices and charge consumers more
Story by LYNDSEY SCHLEY


 
Ohio's U.S. Senator Sherrod Brown says his bill will help consumers limit overdraft fees.
Courtesy of U.S. Senate
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Ohio’s U.S. Senator Sherrod Brown announced a bill to combat predatory overdraft fees today.

Brown says banks are reordering transactions from largest to smallest instead of in the order they occur so the banks can charge more overdraft fees. He says these fees are an average of $34per overdraft.

Brown says his bill will require banks to disclose their policy on how they order transactions so consumers can avoid the fees.

LISTEN: BROWN ON OVERDRAFTS

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"It’s just too bad these mega banks, these Wall Street banks look for every opportunity to extract every single cent they can from working class, low income and middle class consumers," Brown says.

Brown also says the Consumer Financial Protection Bureau will keep an eye on banks to prevent predatory overdraft fees. He will introduce the bill in the Senate before the August recess.

Listener Comments:

Thank you, Senator Brown, for continuing to champion the middle class, working consumers!


Posted by: Judy Fialko (Titusville FL (formerly Fairview Park OH)) on July 24, 2013 11:07AM
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