Tell the Fed “No” to “Gotcha” Bank Fees
No one likes overdraft fees: Who wants to pay $34 for a $5 hamburger? The public has until a March 30 deadline to tell banking regulators at the Federal Reserve Board whether a) banks should be required to let customers "opt in" to these high-cost lending programs or b) be allowed to continue automatically signing them up? Only the first of the Federal Reserve's proposed rules—the opt-in option---would be a real step toward reforming overdraft practices. That's because it would require banks to get a customer's permission before enrolling him or her in a costly overdraft program for ATM and