Other Federal Bank Regulators Should Follow the FDIC’s Leadership in Curbing Overdraft Fee Abuses
Statement by CRL President Mike Calhoun: "Today the Federal Deposit Insurance Corp. set a standard other regulators should follow when it issued guidelines advising banks to stop reordering transactions to maximize overdraft fees, particularly on debit cards. Unfair transaction posting—especially the practice of reordering checks and debit card transactions to deduct the largest checks and charges first—significantly increases the number of overdraft fees customers are charged. Customers are charged a separate fee—usually about $35 per item-for each charge that is posted to an overdrawn