Thursday, 08 February 2018 16:37

Bill may relieve excessive bank fees Featured

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AUGUSTA - There may be some relief from excessive bank fees on the way.

A bill making its way through the legislature seeks to regulate how financial institutions charge you for checking account overdrafts.

 

Senator Michael Carpenter, D-Houlton, said "Let's say for example, I have $100 in my account. I write three checks, $10 check, $25 check, $200 check, anticipating I'm going to have a deposit. If they come in in the chronology in which I wrote them, I would not have an overdraft. If however, the bank artificially reorders them largest to smallest, I have three overdrafts.

 

Senator Carpenter stated if this proposal becomes law it would only affect banks and credit unions chartered in Maine.