The latest news on overdraft fees, overdraft fees and other bank fees from the Center for Responsible Lending.
- 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.
- Hispanics More Likely to Pay Bank Fees
Hispanic Business 04 Sep 2013
The TD Bank Checking Experience Index, which polled more than 3,000 consumers nationwide for its results, indicates that Hispanics are more likely than anyone else to incur bank fees. While the general population stands a 57 percent chance of paying fees on a primary checking account, that percentage climbs to 65 percent for Hispanic customers.
- Georgia Regulator’s Order Brings Parity in CU Overdraft Fees
Credit Union Times 08 Aug 2013
Georgia's financial regulator, Commissioner Kevin B. Hagler, has issued a declaratory order to bring parity in overdraft fee limitations for all of the state's credit unions. The order exempts state-chartered credit unions from fee limits on overdrafts from deposit accounts, aligning them with the guidelines governing federally chartered credit unions.
- New York Scrutinizes Online Lenders
Wall Street Journal 06 Aug 2013
Benjamin Lawsky, superintendent of the New York Department of Financial Services, has issued 35 cease-and-desist orders to online firms that he believes might be dodging state laws prohibiting lenders from charging egregious interest rates.
- CRL Report Targets Bank, CU Overdraft Fees
Credit Union Times 01 Aug 2013
Banks and credit unions are still charging abusive overdraft fees, the Center for Responsible Lending (CRL) declares in its report, “High Cost Overdraft Practices.” In 2010, the FDIC suggested to financial institutions that more than six overdraft charges per year is excessive.
- ‘Unbanked’ Minnesotans Hurt Most by Predatory Lending
MinnPost.com (MN) 24 Jul 2013
More than 360,000 Minnesota households that are “unbanked” or “underbanked” do not have access to reasonably priced, basic financial services, according to a 2011 survey by the Federal Deposit Insurance Corporation.
- Bounced-Check Fees Targeted by Banking Bill in Senate
Columbus Business First 22 Jul 2013
New legislation sponsored by Sen. Sherrod Brown (D-Ohio) would take aim at the practice of some banks of posting check payments in order from the highest amount to the lowest.