Schumer Bill Targets Banks’ Checking Account Fees

ALBANY, N.Y. (AP) — U.S. Sen. Charles Schumer is calling for new regulations to require banks to clearly and briefly describe checking account fees now buried in applications that can be more than 100 pages long.

The New York Democrat says his bill will provide consumers with an easy way to understand the many fees for overdrafts and other actions that will force Americans to pay more than $38 billion in fees.

Schumer is seeking a similar box now required in credit card applications forced by his legislation in 1988.

The Pew Charitable Trust reported last week that many banks have checking fee disclosures that are twice as long as Shakespeare’s “Romeo and Juliet.”


The Pew trust says that makes it difficult for consumers to compare different banks’ accounts.

(Copyright 2011 by The Associated Press.  All Rights Reserved.)

  • Average Joe

    U.S. taxpayers give Billion$ and Billion$ to Israel….more than any other country….while unemployment and homeless are at record high.

    • David Goldstein

      So what’s the problem?

  • Dale Auburn

    Here’s a thought for Senator Chuck: As long as the tax code lets us deduct gambling losses that offset winnings, why not let us deduct BANK FEES? Get that enacted and I might vote for you again.

  • rbrown

    to nick9075. Apparently you are astupid tea party activist or republican. or have money to thow away We bailed this crooked banks out and what do they do. I never have less than 2000 dollars in my account and I get charged 14 dollars fees every month. I know what kind of accounts they offer and I understand them thouroly and they still try to charge antil I threatened to close my account and let the crooks know I am not stupid. This has happened to me three times and I am no longer ACUSTOMER . Wake up man

  • iggy

    nazi-republicans, all he’s asking for is simplification of the rules.

  • paige martin

    the prior posters overlook the facts that the banks rake in tons of money, sometimes falsely by processing higher checks to automatically overdraw an account. It is not always the stupid consumer. Sometimes deposits bounce, sometimes it is a mistake. does anyone really think consumer s choose to overdraw an account so they ca n be charged an overdraft fee that sometimes in higher than the value of the check that should have been returned rather than allowed to overdraw.

    Banks make money off other peoples mistakes all the time, yet they never give money back! they get bailouts , we get billed!

  • Nick9075 NYC

    And condo those who he feels are ‘victims’… Avoiding overdrafts, late fees, high credit card APR is all about personal responsibility and controlling ones ‘inner shopper’ (yes I know it is hard in NYC where everyone is wearing $500 jeans and wears $250 sneakers but it mostly bought on credit or with daddy’s money)

    • SickofRepublicans

      “condo”?? Not only are you a babbling incoherent but you’re illiterate. Did you mean “coddle”, genius?? FULL DISCLOSURE or we take back ALL bailout monies and watch these crooks go under like they deserve. We ARE victims because WE have to follow the rules while right wing Tea Baggers like you protect Big Business as they rob us blind.

  • tino

    Does Mr. Schumer got nothing else better to do other to annoy people?

  • Nick9075 NYC

    personal responsibility? Does he advocate that?? I haven’t had an overdraft in over 20 years but then again I don’t blow money on $4.00 lattes, $200 sneakers every week… I also know at my old age of 35 that the online balance doesn’t necessarily correspond to the available balance.

    This bootlicking, bootstrapping politician is just freaking annoying with his nanny state legislation.

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