Summary:
The Senate voted Thursday to strike down a rule capping most bank overdraft fees at $5, a measure adopted late last year by the Consumer Financial Protection Bureau that had been expected to save Americans billions of dollars per year.
Senator Josh Hawley, Republican of Missouri, was the lone Republican to oppose the resolution, which passed on a nearly party-line vote, 52-48. It will now move to the House, where Representative French Hill, the Arkansas Republican who leads the Financial Service Committee, introduced a parallel resolution last month.
The rule would have limited the fees banks and credit unions could charge when customers spend more than they have in their accounts, typically $35 per overdraft. The bureau estimated it would save American households $5 billion a year. It was immediately challenged in court by banking trade groups.
Personal opinon:
Call your bank and tell them to turn off overdraft protection now.
Legally you can’t be forced to hand over your money, so just tell the armed robber, “no.”
You can be forced by violence to hand over your money if you have a contract you signed that stipulates you need to pay them
My point is theaw prevents the default contract from allowing them to setup overdraft protection, unless you explicitly ask for it.
My point is, what the law is doesn’t matter if the law is not enforced. Good luck fighting a team of lawyers that make more in a minute than you do in a year.