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Banning Overdraft Fees: Cory Booker's New Idea to Tackle Big Banks

Thursday, August 2, 2018
Li Zhou | Vox
Rebecca Borné

As debit cards gained popularity, banks initially rejected transactions if users didn’t have enough money in their accounts, explained Rebecca Borne, of the Center for Responsible Lending, who contributed to the bill as well. Institutions quickly discovered, however, that enabling such transactions to go through and charging the customer a subsequent overdraft fee could be a handy source of income.