This happened a while ago, but it just came back onto my radar screen recently.
You can read the magazine for free online here (it’s a 4+ MB .pdf, so be forewarned):
Click on “Don’t Throw Your Money Down the Drain” on the left hand side once the .pdf loads.
It’s had three different numbers over the last few years, but it’s chances of actually getting passed are now better than ever. Rep. Carolyn Maloney (who we interviewed for the film) re-introduced her Consumer Overdraft Protection Fair Practices Act in the new Congress a week and a half ago and it’s moving through the pipeline.
So call your representative and tell them to get on board. Enough helping the banks, it’s time to help the people!
You can track the bill’s progress on Thomas. It’s HR 1456 this time around.
Also, if you’re on Change.org, you can send a letter to your representative in about five seconds.
This hasn’t made the mainstream press much, probably because it’s been drowned out by bigger stories, but Bank of America settled an overdraft class action lawsuit for $35 million in September of last year. I’m going to call the attorneys and B of A next week and update this entry with more info, but what you need to know for now is that the deadline to join the class is May 1, 2009. Go here to find out if you qualify (and file a claim online), but if you were a B of A customer from 2000 to 2007 and paid any overdraft fees, you’re in. The maximum payout is $78, but it takes less than a minute to fill out the form.
A similar lawsuit has been filed against Wells Fargo, which is scheduled to go to trial in June in California. The most exciting thing about these cases is that, regardless of B of A’s legal mumbo jumbo about not accepting responsibilty, the fact that they settled the case shows that they know the legal landscape is changing and that they’re on shaky ground. The days of running roughshod over customers and posting obscene profits are over. Whether they like it or not, the regulatory leash that they’ve been used to, so long as to be almost useless under the Republicans, is finally getting shorter.
More soon, but go fill out the form and get your cut. $78 may not be much, but it sure feels good to get your hands back on some of your money that they stole from you…
I recently got this email from someone who watched Overdrawn! and was inspired to take action. She works as a Case Manager in Washington State:
“A client of mine owed a huge amount of money to her bank; much of this was due to the bank allowing her to repeatedly overdraw her account, charging her up the ass in overdraft fees. After the Client’s failure to reverse charges with the bank, Bad Ass Case Manager Nicole got on the line. I informed them of my relationship to our mutual Client, and explained I would like to explore options with bank personnel before assisting my client in pursuing her legal options in Small Claims Court. The banking representative informed me her manager was in a meeting, but she would report back to Client. No further contact was made….then Client recieved a bank statement:
Wohoo. Thanks Overdrawn!
- Nicole”
Makes us all feel good here at Team Overdrawn!
The tour is going swimmingly. I warmed up in Laramie, Wyoming and Fort Collins, Colorado, then really got going in Boulder where I projected onto a Wells Fargo ATM kiosk right off the Pearl Street Mall.
In Denver the only decent place I could find to project in downtown was the US Bank Tower. Security called the police, and three motorcycle cops showed up. We ended up chatting about the DNC and their credit union. They didn’t even talk about arresting me and didn’t have much of an argument for shutting down the show.
Next week things will heat up when I get to Las Vegas and California. There’s a confirmed screening at UC Berkeley on the 27th and several other screenings in the works. I’m also got interviews lined up on KPFA in Berkeley and KZOZ in San Luis Obispo. Watch this space for details about upcoming screenings.
Here’s a short video I put together about the tour so far. It’s rough but it gives you an idea what it’s been like so far:
If anyone knows where I can get one of these T-shirts, let me know!
I have mixed feelings about last night’s takeover of WaMu by the FDIC and subsequent sale to JP Morgan.
WaMu is the reason I made “Overdrawn!”, and now they’re gone.
Don’t feel sorry for these guys, though. Like many have been saying, at the center of the whole financial crisis is the fact that massive losses are now being socialized, following a period in which massive profits were privatized.
On top of all the billions of dollars in overdraft fees that Americans have been paying for years, we’re now going to be stuck with the bill to bail out the banks that have been sticking it to us. As taxpayers and debit-card holders, we’re paying for it coming and going. This is a screwing so convoluted that it’s worthy of the Kama Sutra!
The punch line for me is that even conservatives are calling for more regulation now. Truly, it’s time to change the law.
Okay, this was the day (so far) that made the whole movie worthwhile. I’m an NPR geek, so to me this was like getting on CNN.
It’s archived here for your listening pleasure: