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Overdraft Protection: Only Protecting Your Bank's Bottom Line?

Sunday, June 30, 2013 - 6:50 AM
The Consumer Financial Protection Bureau recently issued a preliminary report on its investigation into bank and credit union checking account overdraft policies. The findings indicate that opting in to overdraft protection programs may put consumers in danger of excessive fees and involuntary account closures.

According to CFPB, the average consumer who overdraws a checking account at least once during the year pays $225 in overdraft and insufficient funds fees annually.

Is Overdraft Protection Dangerous?
9
ShorebreakShorebreak2,683 posts since
Apr 6, 2010
Rep Points: 14,546
1. Sunday, June 30, 2013 - 3:37 PM
This (ODP) is the worst measure from the customers' perspectives with unreasonable and excessive fees.  It is amazing how banks/credit unions can charge such highway-robbery fees and get away with it!
3
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
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