New ODP legislation
October 19, 2009 | Wall Street Journal, alternatives, industry | Comments (3)From the Wall Street Journal:
Five U.S. Senate Democrats, including Senate Banking Committee Chairman Christopher Dodd, D-Conn., on Monday introduced legislation that would put sharp restrictions on the fees bank can charge customers. Customers would have to opt-in to overdraft protection, and banks would be limited on the size and frequency of the fees they charge.
“Banks should not be trying to bolster their profits at the expense of their customers,” Dodd said in a statement.
Comments»
I think Dodd is trying to bolster his reelection prospects at the expense of freedom of commerce. The opt-in idea is good – and make sure consumers are clearly informed of the charges – but prices are best determined by competition, not activists or politicians.
Does Mr. Dodd not know that trying to float a check to make ends meet doesn’t exist today? Without this benefit from Banks a lot of people can’t make it from payday to payday. If I need a tire fixed on my car so I can get to work on Wed and I don’t get paid until Friday with this benefit I can have confidence my check won’t bounce and I can get to work so I can pay my bills and feed my family… obviously Mr. Dodd doens’t understand the BENEFITS of this type of program, or what it is like to have to live on a limited income..Hello your job is to take care of the people , one time the Banks are doing something right and you take it away..
I am so tired of this type of thing going on, please quite taking things away that help us you dumb dumb man. Let me tell you when I am at the grocery store and I need to pay the bill and I don’t have to worry that my check or ATM won’t be turned down, I don’t care what the Bank charges me for this coverage, I just need food, or gas or whatever… get a life, just like I am trying to