Recently I received an email from the Center for Responsible Lending urging me to share how you can end bank’s ridiculous overdraft fees. The Federal Reserve is seeking comments on overdraft fees. The deadline is March 30th, so please do it now while you are thinking about it! This is a small thing you can do to help save you and other consumers millions of dollars a year.
Here’s the copy from the email which has a ton of info including where you can add your story.
Bank overdraft fees have burned too many people, but now your blog’s readers can do something about it.
Banks have been snapping up consumers’ hard-earned dollars and dimes with their “gotcha”overdraft fees. It all starts when these “Hungry Hungry Banks”sign people up for their overdraft programs â€“ with or without their consent (see Center for Responsible Lending’s new short online video spin-off of the “Hungry, Hungry Hippos” game highlighting bank greed here: http://vimeo.com/3696724).
The Federal Reserve is currently considering making changes to bank overdraft programs. One proposed change – the “opt-in”rule – would require banks to get your permission before they enroll you in an overdraft program. So, no more surprise $34 charges when you accidentally overdraw your bank account to buy a measly $5 hamburger.
The Federal Reserve is seeking comments on overdraft fees. The deadline to comment is March 30 â€“ just 2 weeks away!
Please encourage your readers to send in a comment. The Fed was prompted to act on important credit card reforms in large part because they were inundated with so many consumer comments on the issue. Let’s show the Fed that they need to act on overdraft fees too!
Your readers can send an electronic comment and learn more about overdraft fees at the nonprofit Center for Responsible Lending’s “Say No to Gotcha Fees”website: http://ga3.org/campaign/no_gotcha_fees.
You and your readers may also find these sites helpful:
â€¢ CRL’s overdraft research: http://www.responsiblelending.org/issues/overdraft/reports/
â€¢ CRL’s YouTube page (includes first-hand accounts from overdraft victims): http://www.youtube.com/user/ResponsibleLending