Overdraft News

The latest news on overdraft fees, overdraft fees and other bank fees from the Center for Responsible Lending.

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  • Capital One to Stop Using Program to Weed Out Customers With History of Account Overdrafts 
    Washington Post 16 Jun 2014
    Capital One Financial will no longer use the popular screening program ChexSystems as a filter for potential customers with a history of overdrawing their accounts, the bank has announced.
  • 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.
  • Huntington Bank Winding Down Overdraft Fees 
    Charleston Gazette (West Virginia) 19 Mar 2014
    Huntington Bank is nearly done phasing out overdraft penalties, a process that it began about three years ago.
  • BofA Rolls Out Checking Account for Chronic Overdrafters 
    CNNMoney (NY) 06 Mar 2014
    Bank of America is pilot-testing a new option that aims to avoid overdraft fees by blocking customers from withdrawing more money than they have in their checking account.
  • Banks Fight Revised U.S. Plan to Monitor Checking Overdraft Fees 
    Bloomberg 21 Feb 2014
    U.S. banks are seeking to shield from scrutiny the $30 billion they collect annually in checking account fees, saying the proposed requirement for periodic reports is unacceptable even if it exempts ...
  • Indiana Attorney General Going After Mortgage Bailout Scammers 
    Fort Wayne News-Sentinel (IN) 03 Feb 2014
    There are just two mortgage bailout firms operating legally in Indiana, and state Attorney General Greg Zoeller has filed suit against three that are not.
  • 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
  • Community Trust in Ky. Faces Sanctions Tied to Overdraft Fees 
    American Banker 18 Nov 2013
    Community Trust Bancorp (CTBI) in Pikeville, Ky., disclosed in a recent regulatory filing that it could face sanctions from the Federal Reserve Board tied to its overdraft policy.
  • 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.
  • Area Bank Agrees to $2.5 Million Settlement of Debit Card Fee Lawsuit 
    Scranton Times-Tribune 12 Nov 2013
    Pennsylvania-based First Liberty Bank & Trust has agreed to pay $2.5 million to settle charges that it juggled the order in which it posted debit card transactions.
  • Judge Allows Overdraft Lawsuit Against Umpqua Bank in California to Proceed 
    Oregon Live  07 Nov 2013
    U.S. District Court Judge Jon Tigar in California has allowed a class-action lawsuit over Umpqua Bank's overdraft fee practices to proceed to trial, but only after tossing out many of the plaintiffs' legal claims.
  • 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.
  • Ohio Court of Appeals Affirms Class Certification in Lawsuit Against FirstMerit Bank Related to Bank’s Unfair and Deceptive Overdraft Fee Practices 
    National Law Review  02 Oct 2013
    The Ohio Court of Appeals largely affirmed the class certification of a case brought by consumers who claim FirstMerit Bank improperly charged overdraft fees.
  • U.S. Bank Owes 2.7 Million People for Overdrafts 
    Minneapolis Star Tribune (MN)  27 Sep 2013
    About 2.7 million people were notified this month that Minneapolis-based U.S. Bank owes them refunds as part of a $55 million overdraft settlement.
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