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Dave Kennett
Dave Kennett, Attorney
Category: Business Law
Satisfied Customers: 27689
Experience:  25 years practicing law
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I am on a campaign to get legislation to make NSF penalty fees

Resolved Question:

I am on a campaign to get legislation to make NSF penalty fees (overdraft fees) more reasonalble. The banks are in actuality loaning consumers a short term loan at usury rates and calling it a penalty fee. Question: What are the chances that I will be successful in getting some action.

I plan to send a letter to Mr. XXXXX XXXXX, president of Bank of America and copy to the white house, my senator, my congressman, all the Atlanta tv news centers and radio stations.


Liz Bowles
Submitted: 7 years ago.
Category: Business Law
Expert:  Dave Kennett replied 7 years ago.

DearCustomer- Fortunately we live in a country where you can do exactly what you say you are going to do. Obviously I can't predict the chances of getting the US Congress to pass a specific piece of legislation but this is how to get started. I agree that banks are a rip off when it comes to fees but I can't agree that this is a loan.


The terms of the checking account do not provide that you can overdraw the account and pay back the bank at a later time, which would be a loan. It is simply against the terms of the contract with the bank to overdraw the account and since the account is totally in your control you are the only one who can violate the terms of the contract.


Your approach is about all you can do to get this changed but keep in mid that banks are private companies and contracts are enforceable.


Dave Kennett

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