Legal Question in Credit and Debt Law in Virginia

Re: Bank Overdraft Charges and Social Security Benefits

The only probable constraints upon bank overdraft charges are customers who are unwilling to put up with such excessive charges and make their concerns known to the bank along with their willingness to take their banking business elsewhere. Otherwise, the sky's the limit with apparently little or no federal or state regulation of such charges, whether the overdraft originates with a social security pensioner or a Berkshires Hathaway multi-share holder. Each will pay the danegeld which the bank exacts as its due for all overdrafts.(The latter, of course, undoubtedly will have overdraft protection in place on all of his accounts whereas the pensioner probably will not.)