U.S. Congress - H.R.1456 Consumer Overdraft Protection Fair Practices Act
H.R.1456 - Consumer Overdraft Protection Fair Practices Act
To extend the protections of the Truth in Lending Act to overdraft protection programs and services provided by depository institutions, to require customer consent before a depository institution may initiate overdraft protection services and fees, to enhance the information made available to consumers relating to overdraft protection services and fees, to prohibit systematic manipulation in the posting of checks and other debits to a depository account for the purpose of generating overdraft protection fees, and for other purposes. view all titles (2)
All Bill Titles
- Official: To extend the protections of the Truth in Lending Act to overdraft protection programs and services provided by depository institutions, to require customer consent before a depository institution may initiate overdraft protection services and fees, to enhance the information made available to consumers relating to overdraft protection services and fees, to prohibit systematic manipulation in the posting of checks and other debits to a depository account for the purpose of generating overdraft protection fees, and for other purposes. as introduced.
- Short: Consumer Overdraft Protection Fair Practices Act as introduced.
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Banks are in Violation of 12 U.S.C. 4303(b)(1):
It is alleged that Wachovia, among other banks, are in violation of 12 U.S.C. 4303(b)(1) for their failure to disclose that the condition precedent of a pre-existing overdraft could cause the assessment of additional overdraft fees even when a consumer has sufficient funds to cover the remaining debits. Instead, Wachovia Bank has been blaming consumers for the additional overdraft fees that they did NOT cause by falsly informing them that the condition precedent was insufficient funds.
Without a pre-existing overdraft in the consumers’ checking accounts, it would be IMMPOSSIBLE for the banks to assess the additional overdraft fees the consumers did not cause themselves via its creative accounting practice (delaying and paying debits from high to low). Thus, the banks have engaged in predatory practices to cause the consumer to overdraft their accounts.
Read more here http://www.Badisse.com
Class Action lawsuit against Wachovia Bank. Read more here: http://www.Badisse.com