Congressman Sander Levin

HR 4552

Benefit Card Fairness Act of 2010

http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.4552:

• Debit Card• EFT• Check

Disclosure & Error Resolution

Bank Must Provide Free of Charge:Access to Account BalanceAccess to Transaction HistoryMechanism to resolve errors and to limit consumer liability for unauthorized transactions.

Prohibited FeesFirst withdrawal from an in-network

automated teller machine and the first withdrawal from a bank teller, after each deposit.

Application or participation fees.An overdraft or shortage of funds for an

amount exceeding the account balance.All purchases.

PROHIBITED FEES (continued)

Inactivity.Inquiry, or balance or transaction

information at ATM or Internet.Customer service.An ad hoc request for a statement.An extension of credit.1 replacement card each year.

Fee disclosure similar Truth in Lending Act.

Access to a toll-free number and web site with clear and conspicuous list of fees and charges.

Initial written disclosure

FEE INFORMATION

Legislative History 2010

8 Co-sponsors in the House (all Democrats)

Senate Interest: S. 4041 Senator Menendez, legislation that includes all pre-paid cards and may include government-issued debit cards.

Dodd-Franks

Exempts government cards from new interchange regulations

An exception to the exemption does exist. After 1 year, if the bank charges for the following, interchange fee will apply:Fees for 1st withdrawal per month, and

overdraft/shortage

Dodd Franks (continued)

A year after the law passage, a report will be issued by Department of Treasury on:

the prevalence of the use of prepaid cards in Federal, State or local government-administered payment programs.

Interchange and cardholder and fees charged and costs associated.

Future Legislation

Add TANF?Review exclusions?Add additional provisions?

Access for non-English speaking populations

Elderly and Disabled Accessible Websites and materials

Other?

Contact Information:Please contact me with suggestions and comments:

Judith Glassgold

Health and Domestic Social Policy

The Office of Congressman Sandy Levin (MI-12)

1236 Longworth House Office Building

Washington, D.C. 20515

202-225-4961

Judith.Glassgold@mail.house.gov