Automatic enrollment in overdraft programs means that many older persons are being charged high fees for products that do not want or need. In fact, 75 percent of older persons would prefer to have a transaction declined than incur overdraft fees. Persons aged 55 and over pay $4.5 billion in overdraft fees each year. Over $513 million of these overdraft fees are levied on recipients of Social Security benefits.
In his Feb.
As the President noted, “our economy is badly weakened, a consequence of greed and irresponsibility on the part of some….Homes have been lost; jobs shed; businesses shuttered.” Part of our government’s response to this crisis has been to allocate billions of public dollars to financial institutions, with little or no strings attached regarding how the money will be spent. Going forward, those institutions receiving public dollars must “be held to account – to spend wisely, reform bad habits, and do our business in the light of day….”