New Yorkers still have a few days to submit public comments on the introduction of "overdraft protection" but time is of the essence--the comment period ends November 7th.

To voice your opinion, email Sam L. Abram, Secretary of the Banking Board at [email protected]

Chair of the State Assembly's Banking Committee Catherine Nolan came out really strong for consumers on this issue. Here's a link to her testimony:
Banks Overdraft Testimony.doc

She talks about a practice gas stations have begun called "Blocking". She writes:

"I have been hearing complaints from customers who, having paid for their gas at the pump using debit cards, have been put in financial jeopardy by the so-called 'blocks' that retailers place on their checking accounts. During debit card transactions that do not require a PIN, the gas station will charge you not only for the amount you pump, but also will withdraw an additional amount - as high as $75 - from your account. Although this block is temporary, customers who are unaware of it do not realize that their account has been debited for as much as $75 more than they thought. To compound the issue, gas stations sometimes take several days to clear this block and return money to a customer's account."

She brought that up as an example of how consumers are more likely now then ever before to accidentally overdraw their accounts, because they don't even know their money has been blocked.

My question is how is blocking even legal?!

Download file
Click here to read the latest comments on the rules changes from Assemblymembers. This was submitted to the NYS Banking Superintendent by the chairs of relevant Assembly committees.