The National Law Journal explains that
The Consumer Financial Protection Bureau is setting its sights on checking account overdraft fees, proposing a standard "penalty fee box" [on monthly bank statements] to convey key consumer information and requesting data from banks for further inquiry. "We are concerned that overdraft practices employed by some banks unnecessarily increase consumer costs by making it difficult to anticipate and avoid fees," said CFPB Director Richard Cordray. ... "The bureau plans to take action against financial institutions that exploit consumers with deceptive marketing about opting in to overdraft or other unlawful overdraft practices. It is wrong to confuse consumers deliberately for financial gain."
Read Cordray's entire statement. I wonder whether the CFPB also will target minimum balance fees or ATM usage fees.
Are there any laws in practice setting the amount for overdrafts; for instances my bank charged $36 for a $1(dollar). I think there should be a limit on overdraft charges, no overdraft on amounts under $5. I truly think the bank fees are really robbing people, especially those of us on fixed income.
Posted by: shirley felix | Wednesday, March 14, 2012 at 12:15 AM