HR 1487 · 111th Congress · Finance and Financial Sector
Overdraft Fee Notification Act
Bill Progress
✓
Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Referred to the House Committee on Financial Services.(2009-03-12)
Plain Language Summary
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Overdraft Fee Notification Act - Amends the Electronic Fund Transfer Act to prohibit a financial institution from imposing any fee or charge for consumer overdraft protection unless it notifies the consumer, in a specified manner, of the fee or charge for such protection before the transaction that would result in an overdraft is completed. Requires such notice for all in-person, automated, telephonic, and Internet-based financial transactions. Requires financial institutions to disclose to the consumer in periodic statements the annual percentage rate of interest which any overdraft protection fee or charge represents.…
Summarized by Claude AI · Non-partisan · For informational purposes only