This hearing is entitled the end of Overdraft Fees and the movement to eliminate fees. I now in 1778. [inaudible] would fluctuate and often drop to zero which made it difficult for him to pay his own suppliers. So he went to his bank, the royal bank of scotland to work out a deal to help his business. Under the arrangement they came to, mr. Hogg could periodically draw more money from his account than he had in his deposits. In return, the bank would charge him interest on the negative balance. They invented whats known today as an overdraft. While this Overdraft Service proved beneficial to both parties in this example of mr. Hogg and the royal bank of scotland, this was not true in all cases as more banks began offering this product. Some businesses without as sound revenue and Business Practices found themselves taking on more debt through overdraft than they could repay. Importantly, this service was created in the context of providing liquidity to business to businesses with sound
This hearing is entitled the end of Overdraft Fees and the movement to eliminate fees. I now in 1778. [inaudible] would fluctuate and often drop to zero which made it difficult for him to pay his own suppliers. So he went to his bank, the royal bank of scotland to work out a deal to help his business. Under the arrangement they came to, mr. Hogg could periodically draw more money from his account than he had in his deposits. In return, the bank would charge him interest on the negative balance. They invented whats known today as an overdraft. While this Overdraft Service proved beneficial to both parties in this example of mr. Hogg and the royal bank of scotland, this was not true in all cases as more banks began offering this product. Some businesses without as sound revenue and Business Practices found themselves taking on more debt through overdraft than they could repay. Importantly, this service was created in the context of providing liquidity to business to businesses with sound
[inaudible] this hearing is entitled, the end of Overdraft Fees and the movement to eliminate fees. [inaudible] would fluctuate and often drop to zero, which made it difficult for him to pay his own suppliers. Own suppliers. So he went to his bank, the royal bank of scotland to work out a deal to help his business. Under the arrangement they came to, mr. Hogg could periodically draw more money from his account than he had in his deposits. In return, the bank would charge him interest on the negative balance. They invented whats known today as an overdraft. While this Overdraft Service proved beneficial to both parties in this example of mr. Hogg and the royal bank of scotland, this was not true in all cases as more banks began offering this product. Some businesses without as sound revenue and Business Practices found themselves taking on more debt through overdraft than they could repay. Importantly, this service was created in the context of providing liquidity to business to busines
[indistinct conversation] this hearing is entitled the end of Overdraft Fees and the movement to eliminate fees. I now in 1778. [inaudible] would fluctuate and often drop to zero which made it difficult for him to pay his own suppliers. So he went to his bank, the royal bank of scotland to work out a deal to help his business. Under the arrangement they came to, mr. Hogg could periodically draw more money from his account than he had in his deposits. In return, the bank would charge him interest on the negative balance. They invented whats known today as an overdraft. While this Overdraft Service proved beneficial to both parties in this example of mr. Hogg and the royal bank of scotland, this was not true in all cases as more banks began offering this product. Some businesses without as sound revenue and Business Practices found themselves taking on more debt through overdraft than they could repay. Importantly, this service was created in the context of providing liquidity to busines
When Congress Returns watch live coverage of the house on cspan, see the senate on cspan two, online at cspan. Org, or with our free video app cspan now. Next, lawmakers look at the use of Overdraft Fees by banks. Witnesses shared concerns of Overdraft Fees disproportionately affecting those who can least afford to pay them. [inaudible] ink accounts will fluctuate an option bof often drop to zero and make it difficult for him to pay his own suppliers. He went to his bank, the royal bank of scotland to work out a bank deal to help his business. Under the arrangement they came to, he periodically drew more money from his account that he had in his deposits. In return, they would charge him it tryst on the negative balance. They invented what is known today as an overdraft. While this Overdraft Service proved beneficial to both parties in this example, this was not true in all cases as more banks began offering this product. Some businesses without sound revenue and Business Practices fou