Senator Chris Dodd Puts Banks on Notice About Excessive and Deceptive Checking Account Fees

June 4, 2009 -- 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.

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“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.”

Source: Senator Chris Dodd