CFPB Finds Banks Making Hefty Income From Overdraft Fees

Law360, New York (July 31, 2014, 3:04 PM ET) — The Consumer Financial Protection Bureau said Thursday that banks draw substantial income from overdraft fees for debit card and ATM use, while consumers with little margin for error pay a steep price for small shortfalls.

In a report, the agency found that large-bank customers who opted into overdraft services for debit card and ATM transactions paid more in overdraft fees than those who hadn’t and that the majority of debit card overdraft fees are incurred on transactions of $24 or less.

With debit card use increasingly…

Source: Law360

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s