WASHINGTON -- Consumer activist Ralph Nader said banks charge too much for bounced checks and urged legislators to restrict the time banks hold funds while clearing checks.

"The fees that banks are charging are unconscionable," Mr. Nader said, adding that consumers should fight back against "the well-heeled American Bankers Association and the ever-consolidating banks" by forming associations to represent their interests.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.