Overdraft Fee Notification Act
Last action on Jan 5, 2006Referred to the Subcommittee on Financial Institutions an...
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Summary
Overdraft Fee Notification Act - Amends the Electronic Fund Transfer Act to prohibit a financial institution from imposing a fee or charge for overdraft protection service unless it has disclosed such charge to the consumer before the completion of the transaction that would result in an overdraft.
Sets forth disclosure requirements.
Requires such an institution to disclose in periodic statements to the consumer the annual percentage rate which the overdraft fee represents.
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