I’m sure many people are wondering, “If this ridiculous overdraft thievery has been going on so long, why isn’t anything being done about it?” Well, in reality, things are being done about it. People are finally taking actions against institutions to stop the overdraft piracy. In the blog known as My Money Blog, you can read the results of a recent class action law suit against Bank of America (full article at http://www.mymoneyblog.com/archives/2009/02/bank-of-america-overdraft-fee-class-action-settlement.html). There have also been proposed changes to the regulation known as “Reg E” which regulates things such as ACH (automated clearing house) transactions as well as ATM transactions. The proposed regulations would require an opt-in system for overdraft programs. Rep. Carolyn Maloney has introduced several pieces of legislation over the past few years in an attempt to reform the banking industry in the area of overdrafts. Proposed changes can be found at http://maloney.house.gov/documents/olddocs/banking/072705OverdraftBill.pdf In short, action is being taken and the wheels of change have started turning. The downside to government, as we all know, is that these things take time. Nothing will change overnight when it comes to reforming the banking industry through legislation. The only short term changes that can be made are on a personal level. This is the purpose of my blog. You can find some short term solutions in posts I have made in this category. These will hold you over until government can finally step in and change the industry itself.
Get Treated Fairly by Your Bank
