The End of Overdraft Fees?
18.05.12
It seems the new Consumer Financial Protection Bureau (CFPB) believes a good way to protect you would be curtailing the practice of banks discretely covering your checks, instantaneously, should you overdraft.
In their view, overdraft fees may be too high , inflicting serious economic harm on those who can least afford it. Fair enough. No one likes paying fees. And overdraft fees—averaging $30 to $35 a pop—can certainly seem high. If you overdraft by just $5 bucks, that’s a 600% fee on that loan! And if you overdraft once, chances are there are a few unpaid items in line behind it—meaning one accounting slip could rack up.
Source: Forbes