Docket No. R-1343 consumer choice on bank overdraft fees, let the Fed know

Even though the comment window was over on MArch 30th, this is still an interesting article on MSNBC Business section about how most banks autmatically set up required overdraft protection loans at insanely high interest rates without any requirement to let the consumer know about it. It will be interesting to see how the comments made will pan out in the legislation.

Their is impending legislation to change the rules so that consumers are made aware of this at the time they make an account, and have the option to accept or decline the service.

Here is the old info which is now past the comment window:
The Center for Responsible Lending web site has more information on bank overdraft fees and an easy way to comment to the Fed.
http://ga3.org/crl/alert-description…rt_id=35864397

To comment directly to the Fed send an e-mail here. The subject line MUST include “Docket No. R-1343.”

Or fax your comments to 202-452-3819.