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H.R. 3904 (111th): Overdraft Protection Act of 2009

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

10/22/2009--Introduced. Overdraft Protection Act of 2009 - Amends the Truth in Lending Act to prohibit a depository institution from engaging in unfair or deceptive acts or practices in connection with overdraft coverage, or in acts designed to evade the provisions of this Act.

Requires each depository institution that provides overdraft coverage for transaction accounts to clearly and conspicuously disclose overdraft coverage fees.

Subjects overdraft coverage fees to the consumer's written, electronic, or other consent.

Requires a depository institution to provide specified consumer disclosures regarding its overdraft protection program, including: (1) periodic statements for any transaction account that has an overdraft coverage program feature; and (2) prompt notification of the account's overdraft status.

Prescribes overdraft coverage fee limits.

Prohibits an overdraft coverage fee if the overdraft results solely from a debit hold amount that exceeds the actual dollar amount of the transaction.

Requires a depository institution to provide consumers who have not consented to participate in an overdraft coverage program transaction accounts with the same terms as those provided to consumers who have consented to participate in such program.

Prohibits a depository institution from charging a non-sufficient fund fee for any transaction at an automated teller machine, or a debit card transaction.

Prohibits a depository institution from reporting negative information regarding consumer use of overdraft coverage to any consumer reporting agency when the overdraft amounts and coverage fees are paid under the terms of an overdraft coverage program.