By Kevin Drawbaugh
WASHINGTON, Oct 19 (Reuters) – Banks could not charge overdraft fees on cash-machine and debit-card transactions unless customers have opted in to an overdraft protection program, under a bill introduced in the U.S. Senate on Monday. (more…)
Banks under fire in US Congress, Dodd targets fees
US Fed must be tougher on harsh overdraft fees – Sen Schumer
WASHINGTON, Oct 16 (Reuters) – The Federal Reserve needs to take a tougher approach to cracking down on excessive bank overdraft fees, U.S. Senator Charles Schumer warned on Friday.
Saying that the central bank’s move to crack down on the fees doesn’t go far enough, Schumer, a Democrat, warned that Congress will act if the Fed fails to take a firmer line.
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