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NHSGC and Senator Sherrod Brown Address Bank Overdraft Fees

by AdministratorJuly/19/2013

Neighborhood Housing Services of Greater Cleveland will host U.S. Sen. Sherrod Brown, Chair of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection to discuss the challenges of overdraft fees to families and seniors on Monday, July 22 at 11 am.  Sen. Brown will announce new legislation that would protect Ohioans from these practices and crack down on the banks that employ them. He will be joined by Francis Lesniak, a Northeast Ohio woman who overdrew her account by a total of only $5.60, but was charged $96 in penalties because her transactions were reordered.

Neighborhood Housing Services of Greater Cleveland offers free financial capabilities training for the community. They are also the new home of Cleveland Saves, the first chartered project of America Saves, which focuses on helping families open and maintain savings accounts and strategies.

“Overdraft fees hit working families and seniors hard,” said David Rothstein, Director of Resource Development and Public Affairs. “We are working with clients through financial capability training to help them budget and through our financial partners to find them the best products but overdraft fees are expensive, inconsistent, and jarring to a monthly budget. This Bill provides a sensible floor for overdraft policies.”

NHSGC hosted a press conference featuring remarks by Senator Brown, David Rothstein, Director of Resource Development and Public Affairs, and a victim of unfair overdrafting practices.

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