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Overdrafts Continue To Plague Consumers

Monday, August 15, 2011 - 11:23 AM
From MyBankTracker.com
New rules may have cut the number of overdraft incidents but overdrafts fees are not getting any cheaper.

Overdraft fees charged by banks have not fallen since the Federal Reserve started enforcing opt-in rules one year ago, according to the Consumer Federation of America (CFA). The association studied the overdraft fees and practices at 14 largest banks in the U.S. and offered suggestions to protect consumers.

On August 15, 2010, the Fed began enforcing a rule that required consumers to enroll in overdraft protection programs. Previously, all customers were able automatically enrolled in such plans. The goal was to prevent consumers from being hit with exorbitant overdraft fees that could end up costing hundreds of dollars.

While the laws may reduce the number of consumers getting hit with overdraft fees, the fees themselves continue to be expensive.

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