New York Times Editorial: Bleeding Holders of Debit Cards Dry

A strongly worded New York Times editorial today titled "Bleeding Holders of Debit Cards Dry" notes that several banks last month announced changes to their overdraft policies - but says those changes aren't enough. Citing yesterday's report from the Center for Responsible Lending that estimated that "banks and credit unions raked in nearly $24 billion in overdraft income in 2008" and noting that "American families now spend more on overdraft fees every year than on books, breakfast cereal or fresh vegetables and only slightly less than they spend on major appliances," the editorial advocates stronger Congressional action.