Like the Mob, Banks say "You Need Protection" or Else! Pay up!

It appears (finally) Congress might step in on those exorbitant overdraft and over the limit fees that the banks like to call Protection.

Did you know banks automatically enroll you in their Protection schemes which instead of plain bouncing the check, provide you with a loan which comes with hefty, hefty fees? Anyone else reminded of a movie scene when mobsters shake down the neighborhood for protection money?

CNN has the Raw Deal:

It appears two Democrats in the house have introduced a bill, Consumer Overdraft Protection Fair Practices Act

Consumers would have to "opt-in" to overdraft protection programs and banks would be required to inform consumers when they are about to overdraw their accounts."

The bill, which is currently pending before Congress, also requires that banks provide full, written disclosure of their overdraft policies to customers

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