Issue Position: Overdraft Protection

Issue Position

Congressman Sherman is working on legislation to prevent abuses in overdraft protection. New legislation
would require banks to obtain the consumer's consent before enrolling them in expensive overdraft programs. Banks would be required to warn customers when an ATM transaction would cause an overdraft and give the customer an opportunity to cancel the transaction before the overdraft fee is charged. Finally, banks would be prohibited from reordering withdrawals to maximize customer fees.

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