House Democrats looking to crack down on overdraft fees
House Democrats are looking to crack down on overdraft fees.
They're unveiling legislation that would limit when and how banks can charge overdraft offenders.
The average overdraft fee is about $28.
"Just last week, the Pew Safe Checking project estimated that almost one in five Americans have overdrawn their accounts and two-thirds have overdrawn their accounts multiple times,” said Rep. Carole Maloney. “That's how a cup of coffee can easily become a fancy $35 overdraft fee and it can happen faster than you can say overdrawn."
The legislation aims to cap fees at six per year and it will require ATM’s to notify you if your transaction is going to trigger an overdraft.