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New Rules You'll Want to Know About for Debit Card Fees
November 12, 2009 12:33 PM
An update on some fees that might be showing up on your monthly bill. While the nation waits till February for all those new restrictions on credit card fees to kick in…we learn today that the Federal Reserve is announcing a change today. Banks will no longer be allowed to charge a debit card customer an “overdraft fee” without permission from the customer. In other words the card company or bank has to tell you that you are over drawing your account. The company can no longer just let you over draw at say a store or fast food restaurant and slap you with a fee. The new rules don’t kick in till next summer.
November 12, 2009 | Permalink | Share | User Comments (3)
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President Obama has proposed regulating ALL financial products regardless of whether they contributed to the financial crisis. At the same time, Chairman of the House Financial Services Committee, Congressman Barney Frank (D-MA) introduced H.R. 3126: the Consumer Financial Protection Agency Act of 2009. The House of Representatives is expected to vote on this bill in September. A companion bill has not been introduced in the U.S. Senate at this time, but we do expect the Chairman of the Senate Banking Committee, Senator Chris Dodd (D-CT), to offer a similar bill in the fall.
Establishing a Consumer Financial Protection Agency (CFPA) will give bureaucrats in Washington power far beyond regulating mortgages and real estate. The CFPA may regulate consumers’ credit cards, debit cards, consumer loans, installment loans, payday loans, credit reporting agencies, debt collection, stored-value cards and even investment advisory and financial advisory services, to name only a few.
Posted by: King Julien | Nov 12, 2009 12:45:52 PM
H.R. 3126 would create a new regulator appointed by President Obama. It would have the power to strip from consumers their freedom of choice and restrict their credit opportunities in the midst of a financial recession -- all in the name of "consumer protection." For example, agency bureaucrats could tell our customers how many loans they may take and how they will borrow money. They will also have the authority to assess fees on lenders to pay for the cost of the new agency, thus increasing the cost to the consumer. Rules that regulate an already working industry to “streamline” the regulatory system are unnecessary. Finally, this agency will give the government control over compensation standards for employees of financial services institutions and could eliminate arbitration clauses.
Posted by: King Julien | Nov 12, 2009 12:46:28 PM
Right. So, between now and next summer, the banks will devise new ways to rip off the consumer, before the rules take effect.
So.....where are the benefits of the new rule?
This stuff is a joke. Instead of postponing these rules taking effect, they should be immediately effective, if not retroactive, as punishment for bad corporate behavior.
Posted by: Rick McDaniel | Nov 12, 2009 12:47:31 PM
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