Levin Helps Introduce Legislation to Stop Abusive Overdraft Fees

WASHINGTON - Sen. Carl Levin, D-Mich., who today joined Sen. Chris Dodd, D-Conn., and other colleagues in introducing legislation to stop abusive practices related to overdraft fees imposed on consumer debit card transactions, ATM withdrawals, and other financial account transactions, made the following statement about the Fairness and Accountability in Receiving (FAIR) Overdraft Coverage Act of 2009.

“It is time for banks to stop hammering folks with hundreds of dollars in overdraft fees for exceeding their account balances by a few dollars. Excessive and unfair overdraft fees are forcing Congress to step in yet again to stop abusive banking practices, and to prevent predatory banks from gaining an unfair competitive advantage over banks that treat consumers fairly. Senator Dodd has taken the lead in drafting legislation to combat abusive overdraft fees, and I am proud to stand with him and our other colleagues to enact the new consumer protections into law.”