Overdraft News

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

Items 21 - 40 of 200  Previous12345678910Next
  • 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.
  • Senate Dems Ask DOD to Protect Service Members From Predatory Lenders 
    The Hill  15 Aug 2013
    A group of Senate Democrats have petitioned Defense Secretary Chuck Hagel asking him to close a loophole in lending protections that they said leaves service members susceptible to abuse under certain kinds of loans.
  • Tired of Confusing Hidden Fees? The Banks Hear You 
    Boston Globe  11 Aug 2013
    More than 20 banks are embracing shorter, more concise, and easier to understand summaries of consumers' checking account fees in response to regulatory pressure.
  • 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.
  • Tampa Overdraft Fees Most Expensive in the Country 
    Tampa Bay Business Journal  09 Jul 2013
    Moebs Service has identified Tampa as the U.S. market with the steepest overdraft fees. According to the company, the national median is $30 -- up $1 from a year ago -- but banks and credit unions in Tampa charge a median $34.
  • Credit Unions Raising Overdraft Fees Faster Than Banks, Report Says 
    Washington Post 08 Jul 2013
    Although the overdraft fees charged by credit unions are lower than those charged by banks, a new report from Moebs Services, based on overdraft data from close to 3,000 banks and credit unions, reveals that credit unions have increased overdraft fees at a faster rate.
  • TD Bank Issuing Refunds for Overdraft Charges in Wake of Class Action Suit 
    MassLive.com  17 Jun 2013
    Former and current TD Bank customers affected by a March settlement over the way it calculates overdraft charges are finally beginning to receive refunds.
  • Rep. Maloney Calls for Crackdown on Excessive Overdraft Fees 
    CBS New York  15 Jun 2013
    Rep. Carolyn Maloney (D-N.Y.) has introduced legislation designed to rein in exorbitant overdraft charges. Although some measures have already been approved to reform the practice...
  • Banks Fight Back Against Overdraft Reporting Requirement 
    American Banker  04 Jun 2013
    The banking industry is responding negatively to a proposal that banks' financial reports to regulators include details of how much money they make from overdraft charges and other consumer fees...
  • Overdraft Revenues Hold Firm But Regulators May Step In 
    American Banker 03 Jun 2013
    New research from Moebs Services has found that overdraft revenue at banks, thrifts, and credit unions leveled off over the last year as the industry adjusted to new regulations...
  • Banks Improving on Fee Disclosure, But More Rules Needed, Pew Says 
    Washington Post 31 May 2013
    Banks are doing a better job of informing customers about the costs associated with checking accounts, but additional rules are needed to ensure that terms are clear and fair, concludes a new report from the Pew Charitable Trusts...
  • First Merchants Accused of Overdraft Fee Violations 
    Indianapolis Business Journal  29 May 2013
    Indiana-based First Merchants Bank is being accused of reordering customers’ checking account transactions to drain accounts faster and make checks bounce more frequently, triggering millions of dollars in overdraft fees...
  • Looming CFPB Overdraft Rules Could Hit Some Banks Harder Than Others 
    American Banker  28 May 2013
    Future overdraft rules likely will have a bigger impact on banks that have not changed their practices much since a 2010 rule requiring them to give customers a choice on overdraft coverage.... .
  • Wells Fargo Ordered to Pay $203 Million in Overdraft Case 
    Reuters 15 May 2013
    A federal judge once again has ordered Wells Fargo to pay $203 million to settle charges that it levied excessive overdraft fees, maximizing the penalties by purposefully processing transactions from the largest dollar amount to the smallest. The ruling brings back a penalty that U.S. District Judge William Alsup handed down in August 2012...
  • Huntington Changes Policy on Posting Checking Transactions, Will Save Customers $25 Million in Overdraft Fees 
    Cleveland Plain Dealer (OH)  09 May 2013
    Huntington Bank has changed how transactions are posted to its consumer checking accounts, potentially reducing the number of customer overdrafts. Banks traditionally process debits from the highest dollar value to the lowest, often causing one large transaction -- such as a mortgage payment -- to drain the account, leaving smaller transactions to bounce and rack up multiple overdraft fees...
  • Small Banks Seek Exemption in U.S. Collection of Fee Data 
    Bloomberg 02 May 2013
    The Independent Community Bankers of America has asked federal regulators to exempt them from what they call an unnecessary and onerous data-collection effort to spot how consumers may be fleeced by checking account overdraft fees and other charges...
Items 21 - 40 of 200  Previous12345678910Next