Overdraft Fees Rising Despite Regulatory Efforts, Groups Find
Checking account overdraft fees have jumped during the past two years, despite an effort by regulators to rein in aggressive practices by banks, according to new reports by two nonprofit groups.
Although the basic overdraft fee of $35 hasn’t changed in two years, banks have imposed other harsh penalties on consumers for minor lapses, the papers said.
The Pew Charitable Trusts, a research organization, called for the new Consumer Financial Protection Bureau to press banks to be more upfront about these “still risky” fees in a paper to be published Friday.
Read the full article at washingtonpost.com.
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