Has anyone read the overview of this? I just saw it today. The overview of the overview:

1. "...a bill was introduced in the Senate that, if passed, would prevent banks from charging customers any overdraft fees at all on some transactions." The precursor to this statement is talking about Reg E's opt in/out, so I assume the bill is attempting to completely remove ODs from debit card/ATM transactions.

2. "Banks would still be able to charge overdraft fees on check-based transactions, but the bill would limit banks to charging one overdraft fee per month and up to six per calendar year."

I understand trying to reign in overdrafts, but I think this may be going a little too far. Restrict it too much, so that there is absolutely no profit, and banks may refuse overdraft at all, and that can be a detriment to the customer. Ex. Instead of paying the electric bill, the bank returns the payment and still issues a return item fee (often the same amount as the overdraft fee); then the electric company will issue a returned payment fee; there's then the possibility that electric will be shut off - which requires a reconnection fee.

Personally, the better approach, IMHO, would be to limit the amount an overdraft charge can be (across all FIs, maybe a $10 cap per...). And/or placing restrictions on the amounts of transactions which can incur overdraft/return item charges...all transactions $10 or less cannot receive an OD fee. Take that a step further to state that while the bank has to right to refuse payment of the item, it may not collect a return item fee.

I'm just curious what others might think?????

This bill contains the following language:

“(1) that the consumer may be charged for not more than one overdraft coverage fee in any single calendar month and not more than 6 overdraft coverage fees in any single calendar year, per transaction account;

This is substantially similar to quite a few bills introduced by Congresswoman Carolyn Maloney (NY) and others over the last decade.

HR3036 in 2017: https://www.congress.gov/bill/115th-congress/house-bill/3606/text
HR5198 in 2016: https://www.congress.gov/bill/114th-congress/house-bill/5198/text
HR1261 in 2013: https://www.congress.gov/bill/113th-congress/house-bill/1261/text
And so on....

No surprise that these bills are coming from New York.They have some of the craziest and over the top rules. I am all for making sure the "little guy" doesn't get hosed but what happened to personal responsibility and the consequences of our own actions? We are creating a large group of kids who are spoiled rotten and have never had to experience the consequence of their actions. Unfortunately it is the largely the parents of these children who are causing these problems and the children in turn will have offspring even further out there....but I digress and this isn't the random rants thread.

Severely punish the institutions that push the envelope on OD's and leave everyone else alone. I'm sick of paying for the mistakes/sins of other bankers.

I say all Banks stop honoring overdrafts and see how the consumers react and we can tell them to take it to their political representative....

Over-correction seems to be the fuel for many of today's issues.

P*Q, tuma....my thoughts exactly!

I can understand reigning ODs in to some degree, but there's a line that's just too much. This proposal crossed that line and left it miles and miles and miles behind!