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Overdraft Fees

Overdraft Loans

Excessive overdraft fees charged by banks and credit unions can cause devastation for financially vulnerable families. Many lenders used predatory policies and practices designed to repeatedly extract excessive fees from customers who could least afford them. Overdraft fees are a leading cause of financial institutions closing a consumer’s account and reentry into the banking system often is exceedingly difficult, increasing the financial insecurity of many consumers. CRL advocates for legislators and regulators to rein in the size and frequency of these fees. We estimate that the savings from these fee eliminations will be between $3 billion to $4 billion for working families.

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Banks in California cannot deduct overdraft fees from Social Security benefits

Friday, December 14, 2007

Banks in California cannot deduct overdraft fees from Social Security benefits

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Amicus Brief
Overdraft Fees

Billion Dollar Deal

Monday, September 24, 2007

Billion Dollar Deal

As two trends collide—increasing use of debit cards among young adults and increasing use of abusive overdraft practices among major banks—college students and young workers just starting their adult lives are paying a high price. At least one hundred universities are contributing to this problem by selecting a single bank and granting them exclusive marketing privileges on campus. Such an...
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Research
Overdraft Fees

Testimony--Overdraft Protection: Fair Practices for Consumers

Wednesday, July 11, 2007

Testimony--Overdraft Protection: Fair Practices for Consumers

Committee: U.S. House Committee on Financial Services Subcommittee on Financial Institutions and Consumer Credit
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Testimony
Overdraft Fees

Out of Balance: Consumers pay $17.5 billion per year

Wednesday, July 11, 2007

Out of Balance: Consumers pay $17.5 billion per year

In a system enormously out of balance, fees for abusive overdraft loans have reach $17.5 billion per year, more than the loans themselves, which now amount to $15.8 billion per year. CRL's report, "Out of Balance," finds that abusive overdraft loans, once the exception, are now the rule in a system where not-sufficient funds (NSF) fees–historically used to discourage overdrafts—have...
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Research
Overdraft Fees

Support HR 946

Friday, June 1, 2007

Support HR 946

Overdraft lending: the problem Our nation's major banks and credit unions are making unsolicited, high-cost loans to their checking account holders when their account balance dips below zero, generating enormous fees for the banks and frequently driving their customers deeper into the negative. Financial institutions never have to reveal that customers pay triple- and quadruple-digit interest rates. They make overdraft...
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Research
Overdraft Fees

Small Loan CRA Comment

Friday, February 2, 2007

Small Loan CRA Comment

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Comment Letter
Overdraft Fees

Debit Card Danger

Thursday, January 25, 2007

Debit Card Danger

Banks stand back as debits and ATM withdrawals cause high-cost overdrafts for their customers Rather than linking their customers' checking accounts to their savings or other resources to cover overdrafts, many banks and credit unions are automatically covering their customers' shortfalls with expensive short-term loans. More overdrafts are happening when customers swipe their debit card or make an ATM withdrawal...
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Research
Overdraft Fees

Banks in California cannot deduct overdraft fees from Social Security benefits

Monday, January 22, 2007

Banks in California cannot deduct overdraft fees from Social Security benefits

More
Overdraft Fees

Comment: Proposed FDIC Survey of Overdraft Loan Programs

Monday, October 16, 2006

Comment: Proposed FDIC Survey of Overdraft Loan Programs

More
Comment Letter
Overdraft Fees

Overdraft Loans: Survey Finds Growing Problem for Consumers

Monday, April 24, 2006

Overdraft Loans: Survey Finds Growing Problem for Consumers

VULNERABLE CONSUMERS CAUGHT IN OVERDRAFT CYCLE CRL has conducted a survey of overdraft loan customers. Our findings suggest that: * Sixteen percent of overdraft loan users account for 71 percent of fee-based overdraft loan fees. *Repeat users are more often low-income, single, non-white renters. * Repeat users are in effect using the overdraft loans as an expensive substitute for a...
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Research
Overdraft Fees

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Building on Over 40 Years of Lending Experience

CRL’s expertise gives it trusted insight to evaluate the impact  of financial products and policies on the wealth and economic stability of Asian, Black, Latino, rural, women, military, low-wage, low-wealth, and early-career workers and communities.

CRL is an affiliate of Self-Help, one of the nation’s largest nonprofit community development financial institutions. Our work leverages the strength of partnerships with national and local consumer and civil rights organizations.

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