Dodd Puts Forth Bill To Curb Bank Overdraft Fees

Law360, New York (October 20, 2009, 5:25 PM EDT) -- Sen. Chris Dodd, D-Conn., has introduced a bill to rein in banks' overdraft fees, saying the penalties for overdrawing accounts are abusive and can hit customers with hundreds of dollars in charges before they even know their accounts are short on funds.

Dodd, who heads the U.S. Senate Committee on Banking, Housing and Urban Affairs, introduced the Fairness and Accountability in Receiving Overdraft Coverage Act, or S. 1799, on Monday with seven co-sponsors.

The bill, which would amend the Truth in Lending Act, would target banks'...
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