Banks Earn $27 Billion On Debit Card Overdraft Fees

The Federal Reserve is considering requiring banks to get permission from consumers before enrolling them in overdraft programs, so that consumers like Mr. Means are not caught unaware at the cash register.

Representative Carolyn Maloney, Democrat of New York, would go even further by requiring warnings when a debit card purchase will overdraw an account and by barring banks from running the most expensive purchases through accounts first.

Read more: Overdraft Fees, Banks, House, Atms, Penalties, Congress, Credit Cards, Credit, Consumer Protection, Debit Cards, Regulation, Personal Finance, Senate, Overdraft, Business News

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