Mandate that Banks Cannot Apply Overdraft Fees Worth More than the Amount the Account Has Gone Negative.

Many banks apply ludicrous overdraft fees which allow them to legally steal money from their customers under the guise of being a "deterrent" from allowing accounts to have a negative balance. For example, at 5/3 Bank, if an account that has $15.00 in it is used to pay for a $15.00 item and two random transactions appear that the consumer has no knowledge of (one for $6.00 and one for $3.00), the bank is allowed to charge their faithful consumer overdraft fees adding up to over $100.00. One $37.00 fee for each charge when the account went negative. Considering that they were unwilling to reverse the charges that the consumer knew nothing about, and they refused to reverse the overdraft charges, the policy of having an account balance of -$9.00 deserving a $100.00 penalty harms customers.