I've blogged on the issue of outrageous and unfair overdraft fees in the past. Well, the government is now getting more involved with regulating this extremely unfair practice by banks. If you've been burned by overdraft fees, or even if you haven't and use a debit card, you need to keep reading:

Have you ever used your debit card to make a purchase, or an ATM withdrawal, only to discover the bank socked you with an "overdraft" fee that in some cases was more than the amount you just spent? If you're as frustrated with unauthorized overdraft fees as I am, take a moment to turn your anger into real change.

The Federal Reserve Board just issued proposed reforms that would change how the banks do business when it comes to overdraft fees. But it may pass a version of this rule that does not go far enough to protect you. You can tell the Fed about your experience with overdraft fees, and send your comments supporting tougher rules, by clicking the link below.

Each year the banks collect more than $17.5 billion of our money in these overdraft charges. What's worse, they don't ask our permission first for providing this "service." Rather, they automatically put us in their most expensive overdraft programs, which charge us up to 5,200% APR. Even loan sharks would be embarrassed by those rates!

In this economy, we can't afford outrageous bank fees especially when we don't get to decide first if we want to pay them. Take a moment to tell the Fed that you want an end to excessive and unauthorized overdraft fees, and you want the right to opt-in to these services.

Send your comments directly to the Fed by copying and pasting the follwoing link: cu.convio.net/OverDraft

Thank you!

And you can share your story too!

Send this blog link to everyone you know. Banks are stealing people's hard earned money EVERY DAY and getting away with it.