- The CARD Act saved consumers $16 billion with fee and retroactive rate increase reform.
- Financial Institutions generated $31.9 billion in overdraft revenue in 2013.
There is no legislation in regards to overdraft fees and other fees a bank or financial institution can charge. Several lawsuits have been brought against financial institutions in regards to their practices and excessive overdraft fees. Banks charge overdraft fees, fees to take out money via ATM, fees to cash a check drawn on their institution, etc. We are in need of legislation. Similar to what happened with credit card companies and the CARD Act, banks cannot play nice and need to have regulation in regards to the fees they charge consumers.
We would like a response by way of legislation.