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A rule issued by Federal Reserve Board that took effect in 2010 requires that banks get explicit permission from their customers before enrolling them in high-cost overdraft systems that cover debits and ATM transactions. They received thousands of comments from consumers asking for the stronger of two proposed rules, which is a step in the right direction, but fails to address abuses in systems when customers do opt in. The FDIC has addressed one of the most egregious practices, re-ordering transactions from highest to lowest in order to charge more overdraft fees, but its guidance applies only to the state-chartered banks it regulates. The OCC and the Fed should stop re-ordering as well, and all bank regulators should take steps to keep financial institutions from assessing unfair and excessive overdraft fees.

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  • Overdraft Opt-In Savings
    Published: Jun 23 2011      Issue: Overdraft Loans

    Better Overdraft Policies Put Money Back In Consumers' Pockets: Regulators Must Stop Remaining Overdraft Abuses

  • Joint Letter Urging OCC to Curb Overdraft Abuse
    Published: Oct 13 2010      Issue: Overdraft Loans

    The Center for Responsible Lender added its signature to a letter from national consumer organizations asking the Office of the Comptroller of the Currency (OCC) to adopt stricter overdraft...

  • Comment Letter on FDIC's Proposed Overdraft Guidance
    Published: Sep 27 2010      Issue: Overdraft Loans

    CRL and other consumer advocates filed a comment letter with the FDIC supporting most aspects of the agency's proposed guidance on overdraft. The groups also made recommendations on how the agency...

  • Joint Letter in Support of FDIC Overdraft Proposals September 2010
    Published: Sep 27 2010      Issue: Overdraft Loans

    CRL and a cross-section of civil rights, labor, consumer, housing, community, business, and sustainable and responsible investor groups sent a joint letter to the FDIC expressing support for...

  • Banks Target, Mislead Consumers As Overdraft Deadline Nears
    Published: Aug 5 2010      Issue: Overdraft Loans

    Banks want you to allow your checking account to be subject to overdraft fees from debit card purchases.

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