Skip to main content

Search form

Consumer Regulator Gears Up For $10 Billion Fight On Checking Account Overdrafts

Thursday, July 21, 2016
Carter Dougherty | InsideSources
Rebecca Borné

Banks have long argued that overdrafts, which allow customers to draw accounts below zero for a fee, are a service that consumers value. Consumers groups counter that the vested interest banks have in encouraging account holders to overdraw has to be met with hard-and-fast rules limiting overdrafts and the cost of the service. “We want to see the bureau use its authority to really reform the way overdraft and checking account programs work,” said Rebecca Borne, a researcher with the Center for Responsible Lending.