CHARLENE CROWELL: Overdraft Fees Cost Consumers $16.7 Billion

Charlene Crowell - NNPA Columnist

OPINION – In recent years, many banks and credit unions have encouraged new checking account customers to accept two items: a debit card that replaces cash transactions and a “protection” known as overdraft coverage. Overdraft programs automatically pay for transactions not covered by available funds; the bank then repays itself the overdraft amount along with […]

Consumers Welcome Scrutiny of Bank Overdraft Practices

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SACRAMENTO – When the Consumer Financial Protection Bureau visited New York City on February 22, a roundtable discussion with bankers and consumer advocates began a day of focused discussion of bank products that cost customers billions per year in unfair fees. In his opening remarks, CFPB Director Richard Cordray called for a “candid discussion” and […]