BAI Banking Strategies Daily
Access real-time content and commentary on key issues in retail, payments, regulatory compliance and mobile commerce. This essential information includes summaries developed specifically for BAI members along with links to the complete, original articles each day.
Consumer Inquiry Focuses on Bank Overdraft Fees
February 22, 2012
The Consumer Financial Protection Bureau is beginning an inquiry into how banks levy overdraft fees they charge customers who bounce checks or withdraw more than they have in their accounts using debit cards or automated teller machines, the head of the agency said Tuesday.
The Consumer Financial Protection Bureau is beginning an inquiry into how banks levy overdraft fees they charge customers who bounce checks or withdraw more than they have in their accounts using debit cards or automated teller machines, the head of the agency said Tuesday. Richard Cordray said the inquiry would focus on whether some banks misled consumers in 2010 when they put in place new Federal Reserve regulations for overdraft protection. The agency will try to determine whether banks routinely reorder customer transactions to maximize potential overdrafts, and will seek data on the effect of overdraft fees on young and low-income bank customers.
Author: New York Times (02/22/12) Wyatt, Edward
Source: "Consumer Inquiry Focuses on Bank Overdraft Fees"
Return