Monday, 13 November 2017 16:00

Proposed legislation to curb excessive bank fees Featured

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Proposed legislation to curb excessive bank fees

AUGUSTA - You know those checking account overdraft fees your bank charges.

Well, one state legislator wants to make sure banks are charging you overdraft fees for the checks in the order they arrive and not stacking them to benefit the financial institution.

 

Sen. Mike Carpenter, D - Houlton, said "Normally, you would think that they would be dealt with at the bank in the order they were sequenced. But quite often they are re-sequenced, normally, it's largest to smallest because it's quite likely that it's the largest that might cause your overdraft."

 

Carpenter's proposed bill would prohibit banks from trying to falsely increase the number of overdraft fees it charges.

 

Legislators will consider this bill when they return to Augusta in January.