One thing about being the head of the Banking Committee, you can make a lot of noise about things to which a lot of people can relate. Dodd is now warning the banks about gouging people with checking fees:
DODD PUTS BANKS ON NOTICE ABOUT EXCESSIVE AND DECEPTIVE CHECKING ACCOUNT FEES
WASHINGTON, D.C. – Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today put banks on notice after recent reports of consumers being gouged by increased, excessive and deceptive fees imposed on their bank accounts. Senator Dodd pledged to work to protect consumers and cautioned the banks against excessive fees and the use of other deceptive practices that unfairly inflate the cost of bank accounts.
“While we just scored a tremendous victory for consumers against unfair and abusive credit card practices, we’re now seeing that a few banks have applied some of the same unscrupulous practices to bank accounts,” said Dodd. “At a time when so many families are already struggling to make ends meet, automatic overdraft charges and other excessive fees are forcing consumers deeper into debt. Banks and consumers should know that these actions have not gone unnoticed, and that I will continue to work to protect consumers from these fee increases and other unfair practices.”
I have a story that I could share if I had the time.
By the way, for the sake of my Republican readers who apparently don’t know the party affiliation of those Senators who head Senate Committees, I must disclose that Dodd is a Democrat.
This is pretty much of a throwaway post, by the way. I feel guilty that I was unable to post yesterday, and, as I’m heading off to Drinking Liberally in a few minutes, not likely to post again tonight
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