Senator Dodd Pushing Bill To End Overdrafts

citibank atm

This is probably the perfect election-year law to push. It’s easy to understand (for voters) and attacks something that everyone hates:

Bloomberg: Senate Banking Committee Chairman Christopher Dodd said he will propose legislation to regulate overdraft fees that may reach $38 billion this year.

Dodd’s bill would require customers to “opt-in” to banks’ overdraft protection programs, prohibiting lenders from automatically enrolling their customers in the plans, according to a statement today.

It’s esimtated that overdraft fees account for some $39 billion in banking industry revenue, so we’re talking about a legitimate golden goose he’s going after.

We’re eager to see what Peter Schiff and Linda McMahon have to say about this one.

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