The latest news on overdraft fees, overdraft fees and other bank fees from the Center for Responsible Lending.
- Overdraft Fees at Banks Hit High, Despite Curbs
Wall Street Journal 02 Apr 2014
The estimated median overdraft fee reached a record $30 last year -- up from $29 in 2012 and $26 in 2009, according to a Moebs Services poll of 2,890 banks and credit unions.
- Hefty Bank Fees Waylay Soldiers
Wall Street Journal 16 Jan 2014
Although soldiers and civilians alike struggle with bank overdraft fees, some banks that market to the military are top collectors of these fees in the United States.
- Trustmark Settles Suit Over Fees
Jackson Free Press (MS) 26 Dec 2013
Consumers harmed in recent years by Trustmark National Bank's overdraft policies could soon receive a windfall. The bank, without admitting wrongdoing, this fall settled charges that it manipulated the processing order of customer debit transactions in order to generate and maximize overdraft fees.
- Regional Bank Settles Overdraft Issue for $2.5M
Courthouse News Service 04 Dec 2013
A judge has granted final approval to Community Bank's $2.5 million settlement over excessive overdraft penalties. The agreement, tied to the practice of shuffling the order of customer debit card transactions in order to maximize overdraft fees
- Protections for Checking Customers Vary Widely Among States: Pew
American Banker 13 Nov 2013
Consumers in the Northeast and Southwest United States are more likely to receive consumer-friendly services with their checking accounts compared to residents in the Midwest and some Western states, a new analysis from Pew Charitable Trusts suggests.
- Citizens Ending Fees for Small Overdrafts
Boston Globe 06 Nov 2013
RBS Citizens Bank has announced its intent to eliminate overdraft charges for withdrawals of less than $5, reducing the chances of egregious fees for people who make small purchases with debit cards.
- Bank of America Weighs Prohibiting Overdrafts
Wall Street Journal 18 Oct 2013
Bank of America reportedly is weighing a plan to introduce a checking account that would not allow customers to overdraw their balances at an automated teller machine or when making an automatic bill payment.
- Avoid These Cities With High Overdraft Fees
MainStreet 15 Oct 2013
Annual research by Bankrate.com indicates that U.S. overdraft fees are up about 3 percent this year to an unprecedented $32.20. Some individual cities -- Milwaukee, Atlanta, Denver, Miami, and Houston -- even exceed the nationwide average. Markets on the low end of the overdraft chart, meanwhile, include San Francisco, Los Angeles, Cincinnati, Cleveland, and San Diego.
- Overdraft Services Need Greater Oversight
American Banker 14 Oct 2013
Overdraft service, once an occasional courtesy provided to bank customers, is now a high-cost service that pushes many consumers out of the banking system completely, writes Susan Weinstock of The Pew Charitable Trusts. The penalties when customers spend more than what is in their account average $225 per year, she reports.
- Fed May Fine Community Trust in Ky. for Overdraft Practices
American Banker 11 Oct 2013
The Federal Reserve may soon fine Community Trust Bancorp, a $3.6 billion-asset lender in Pikeville, Ky., for deceptive overdraft practices. Fed officials have recommended that its consumer-affairs division cite the bank for unfair and deceptive methods of levying overdraft fees, Community Trust revealed in an Oct. 11 filing.
- Loyalty To Your Bank Could Cost You Money
Time 16 Sep 2013
The banking industry remains very unpopular five years after the financial crisis, according to the findings of the annual American Banker/Reputation Institute Survey of Bank Reputations.