End Debit Card Dysfunction
We renew our call for bank regulators to do their job by protecting consumers from abusive debit card overdraft practices. Bankers' whining about minor reforms should not slow the progress of prudent banking policy. As the subprime mortgage fiasco shows, bad policy allows bad practices that hurt not only borrowers, but investors, taxpayers and the banks themselves. The FDIC has taken an important step by requiring, among other things, that banks inform their frequently overdrawn customers of cheaper overdraft alternatives. Its new guidance warns FDIC-supervised banks against allowing overdraft