Monday, June 10, 2013 - 11:51 PM
"U.S. regulators are stepping up scrutiny of overdraft fees charged by banks, a big revenue stream that is helping the industry lessen the hit caused by low interest rates and the sluggish economy.
The Consumer Financial Protection Bureau, in a report set for release Tuesday, plans to criticize the U.S. banking industry for practices that it says range from confusing rules on overdraft fees to increasing the likelihood of multiple fees being charged to the same customer."
You may have to google this article to see it.
The problem with regulating overdraft fees is the banks will increase other fees, such as charging higher fees for checking accounts, to compensate for the reduced revenue
541 posts since
Aug 3, 2010
Rep Points: 3,388
1. Tuesday, June 11, 2013 - 7:23 AM
"Account holders who chose to opt in to overdraft coverage paid an average of $196 in fees in 2011, the report found. In contrast, the average fees for consumers who didn’t opt in were $28."
Solution: Opt out of the overdraft coverage and you won't pay more of those outrageous fees. Don't try to spend more than you've got in your account.
2,602 posts since
Apr 6, 2010
Rep Points: 14,080