Hallelujah, are they finally starting to see the light?

FROM THE WASHINGTON POST:

http://www.washingtonpost.com/wp-dyn/content/article/2009/10/30/AR2009103004194.html


It's about time they realized that this bank scheme where by default you are "opted-out" of overdraft protection unless you "opt-in" was a license to steal. I shouldn't have to walk down the street and alert every passerby to not dip into my wallet, the presumption is to stay out of my wallet. The banks can easily decline the transaction, as is done with credit card transactions where you are over-limit. Instead, they opted to institute a practice of "legalized thievery".

The real hero in this is Rep. Carolyn Maloney (D-NY) who has done the heavy lifting on issues like this on behalf of consumers for years now. Congratulations to her that finally some of her colleagues are beginning to see the light. Finally some aid and comfort to Main Street at the expense of the "robber" banks.

BARNEY FRANK AND I ARE ON THE SAME PAGE - NEXT CATS AND DOGS LIVING IN HARMONY?

Bank overdraft fees as high as $39 on debit card transactions aren't "favors" for consumers if they haven't asked for them, House Financial Services Committee Chairman Barney Frank said.

"We wouldn't be in a situation where we're considering legislation if you would have had an opt-in regime from the beginning," said Frank (D-Mass.), addressing the banking industry at a hearing in Washington on Friday. "Don't do people favors without asking them."

For years, the banks have been using misleading internal polls saying people favored this form of thuggery. It's clear that they did not. For once, Washington listens.