What’s FAIR to banks, customers?

News

Akron Beacon Journal – Overdraft protection policies are designed to help cover checks that would otherwise bounce. Bank officials say they offer the programs in order to protect consumers from unpaid bills and to help avoid the embarrassment of a check being returned for insufficient funds. But consumers have often complained about what they call excessive fees.

The practices have caught the attention of Congress.

Four senators, including Sherrod Brown of Ohio, introduced a bill called the Fairness and Accountability in Receiving (FAIR) Overdraft Coverage Act. Similar legislation was also introduced in the U.S. House.