AMERICANS FOR FAIRNESS IN LENDING (AFFIL) NEWSLETTER

December 2, 2008

Return To Archives

This Holiday Season, Watch out for Overdraft Loans. As you’re using your debit card to make holiday purchases, be sure to keep an eye on your checking account balance and avoid overdrafft loans. Many banks will automatically enroll you in an overdraft “protection” program where they’ll approve your purchases at a store — or a withdrawal at an ATM — and then sock you with a hefty fee each time you make a purchase in the red.

You may remember that this wasn’t always the case. Banks can deny purchases at the point of sale or withdrawals at an ATM, and most consumers would prefer to be denied than to rack up one or many overdraft fees.

For an entertaining way to learn about overdraft loans, watch the documentary Overdrawn! You’ll find out all about the predatory lending practices of the major national banks. The film features interviews with folks from several AFFIL Partners, Representative Carolyn Maloney, Ralph Nader, a retired senior VP from Bank of America, and a real life “loan shark” whose rates are actually better than those of the banks.
Watch the Overdrawn! trailer, or buy the DVD on the Overdrawn! website.

Want More Holiday Shopping Tips? Visit our site for info about credit cards vs. debit cards, rent-to-own stores, and layaway plans.

Consumer Documentaries make Great Holiday Presents! Don’t forget Maxed out or In Debt We Trust for friends and family, as well as Overdrawn!

Speaking of Great Holiday Entertainment, check out this new animated clip from our friends at Consumers Union. Watch “The Balance Transfer Switcheroo” and ask the Senate to reform credit card lending!

Take Action for Consumers! AFFIL members have been reminding President-elect Obama of his endorsement of our Principles of Fairness in Lending. Click here to add your name to the petition!

Americans for Fairness in Lending (AFFIL) Newsletter