Personal Finance

 

February 5, 2010

February 25, 2011


Survey: Consumers want overdraft fee limits

Consumers want legislation limiting overdraft fees, as the largest banks maintained charges ranging from $19 to $39, according to a survey.

“Changes to bank overdraft programs announced by some of the largest banks last fall have not cut the steep cost of overdraft fees or provided consumers real control over their checking accounts,” said Jean Ann Fox, director of financial services for the Washington-based Consumer Federation of America, in a statement last week.

Sixty-five percent of 1,015 consumers surveyed in January said they favored requiring bank overdraft fees to be related to the bankís cost of providing the service, and 86 percent supported requiring banks to disclose on an ATM screen when a withdrawal will cause an overdraft, according to the survey. The telephone survey was conducted by Opinion Research Corp. for the CFA.

Fed rules announced Nov. 12 will prohibit banks from charging overdraft fees at an ATM or on debit-card transactions unless a customer has agreed in advance to pay for exceeding account balances. Those rules take effect July 1.

Twelve of 15 banks surveyed in January charged at least $25 for an initial overdraft, the CFA said in the statement. Thirteen of the banks charge at least $32 for a second overdraft, the group said.

U.S. Bancorp, based in Minneapolis, charged the lowest initial overdraft fee, $19. The highest fee came from Citizens Bank, based in Providence, R.I., which levied $39 for the third overdraft in a year.

Bills in Congress

Bank of America Corp. doesn't charge fees unless the total amount overdrawn in a day exceeds $10, the group said.

Rep. Carolyn Maloney, a New York Democrat, and Senate Banking Committee Chairman Christopher Dodd, a Connecticut Democrat, have introduced legislation that would restrict banks' ability to charge overdraft fees.

Both bills would permit one overdraft fee a month or six in a year, and both would require fees to be reasonable and proportional to the bankís cost of covering the payments.

The Fed rules will make sure consumers wonít face unexpected charges, said Nessa Feddis, vice president and senior counsel at the American Bankers Association. Limiting the size of the fees, as Dodd and Maloney call for, may lead banks to reject a transaction leaving consumers worse off, she said.

“Consumers should be the ones to decide whether they want a particular service, not the government,” Feddis said.


 

February 5, 2010

February 25, 2011

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Upcoming Events

Gunmetal Blues, the Musical

Sat, Jan 31
North Coast Repertory Theatre
Solana Beach
San Diego Premier! Music and lyrics by Craig Bohmler and Marion Adler. Directed by Andrew Barnicle.

USD Toreros vs. San Francisco

Sat, Jan 31
USD, Jenny Craig Pavilion Home Court
San Diego
#GoGetIt - Call the Torero ticket office today to secure your tickets to all USD Athletic events. Always stay connected with the Toreros on Facebook (USD Athletics), Instagram (USD Toreros) and Twitter (@USD Toreros).

The Darrell Hammond Project

Sat, Jan 31
Sheila and Hughes Potiker Theatre
La Jolla
The Darrell Hammond Project, based on Hammond’s acclaimed memoir, God, If You’re Not Up There, I’m F*cked: Tales of Stand-Up, Saturday Night Live and Other Mind-Altering Mayhem, invites the audience on a heartbreaking and hilarious journey inside the life and mind of an American comic genius, trying to unravel the mystery of how a man repeatedly climbed out from the depths of despair to become a world-class comedian.

Murder For Two

Sat, Jan 31
The Old Globe Theater
San Diego
The Old Globe today announced the full cast and creative team for Murder for Two, with book and music by Joe Kinosian and book and lyrics by Kellen Blair. Globe veteran Scott Schwartz (A Room with a View at the Globe, The Hunchback of Notre Dame at La Jolla Playhouse) returns to direct Blair and Kinosian’s Off Broadway hit, a vaudevillian mystery musical with an energetic two-man cast. Great American novelist Arthur Whitney has been murdered at his own birthday party, and his killer could be any one of the guests. But this is no ordinary murder mystery. The entire world of this hilarious musical is brought to life by two incredible performers: one plays the detective, the other plays all 10 suspects, and both play the piano! Murder for Two is an irrepressibly wacky tour-de-force musical that NewYork1 dubbed “a must-see 90-minute jolt of caffeinated creativity!”

C.S. Lewis On Stage

Sat, Jan 31
Lambs Players Theatre
Coronado
Award-winning actor Tom Key in a fascinating look into the wit, wisdom and work of one of the 20th Century's most engaging thinkiners and hugely popular writers.

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