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IPFS News Link • Economy - Economics USA

Bank of America Wins Right To Seize Social Security Benefits To Pay Overdraft Fees

6/05/09 • Consumerist

The California Supreme Court has effectively reversed a 2004 San Francisco trial court decision that ordered BofA to pay $284.4 million in damages to more than 1.1 million customers. The California Supreme Court ruled that banks can tap Social Security benefits in bank accounts to cover bounced-check fees, a practice consumer advocates say is abusive because Federal law prohibits Social Security benefits...

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Reported By Anonymous Watchman

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