Overdraft Loans Overview
Your Debit Card On Overdraft Fees
This can be your debit card. If you decide to opt-in to overdraft fees. Find out why at our new micro-site.Ever been hit with a surprise overdraft fee by your bank or credit union when it looked like you had sufficient funds? You’re not alone. At a time when families can least afford it, many financial institutions are doing all they can to drain your wallet, including subtracting your largest transactions first instead of in chronological order. AND they’re not always telling you about lower-cost ways to guard against overdrawing your account.
New Rules Let Banks Continue to Abusive Overdraft Practices... if They Can Get You to Opt In
As of August 15th, banks and credit unions can no longer automatically charge debit card or ATM overdraft fees averaging $34 a piece. They have to get you to “opt-in” to the overdraft program first. But to get as many people to opt-in as possible, many of these institutions are using aggressive and deceptive methods. And the rules still don’t fix this abusive product. The new rules don’t:
- Address the tricks and traps banks and credit unions use to drive up fees.
- Stop financial institutions from aggressively marketing the costly option to financially vulnerable people.
- Address the size or frequency of overdraft fees.
