Agency to investigate overdraft fees

Acting on complaints about high overdraft fees on checking accounts, the new consumer bureau launched a broad inquiry into bank practices and is seeking public input on a special disclosure box about the fees on monthly statements. Also Consumers feel less financially secure than a year ago, poll finds Regulator targets credit reporting firms and [...]

MP urges widened access for 'Jam Jar' accounts

Member News Damian Hinds MP calls on the government to raise awareness and encourage potential providers, such as high street banks or the Post Office to explore offering ‘Jam Jar’ accounts. Most of us would consider a bank account a basic part of life. It’s an essential. You need a bank account to get access [...]

The Color of Money: Getting to the bottom of bank overdraft fees

Bank overdraft fees drive me crazy. It’s just wasted money. Sure, overdraft protection is a good backup for the times you miscalculate, but sometimes the fees run into the hundreds of dollars a month and are the most burdensome on the people least able to afford them. Well, the Consumer Financial Protection Bureau intends to [...]

Consumer agency wants your comments on banks’ overdraft fees

Bank overdraft fees drive me crazy. It’s just wasted money. Sure, overdraft protection is a good backup for the times you miscalculate, but sometimes the fees run into the hundreds of dollars a month and are the most burdensome on the people least able to afford them. Well, the Consumer Financial Protection Bureau intends to [...]

Sens. Durbin, Reed respond to launch of overdraft fee investigation

By WEEK Reporter Sens. Durbin, Reed respond to launch of overdraft fee investigation February 23, 2012 Updated Feb 23, 2012 at 12:03 PM CST WASHINGTON, D.C. — Sens. Dick Durbin (D-IL) and Jack Reed (D-RI) respond to the Consumer Financial Protection Bureau’s (CFPB) announcement Wednesday that it will investigate how checking account overdraft fees are [...]

Getting to the bottom of bank overdraft fees

If you have overdraft protection, your financial institution will cover the transaction so your check won’t bounce — but it will charge you a fee. The average overdraft fee ranged from $30 to $35 in 2011 and has increased 17 percent over the past five years, according to CFPB. The bureau wants to know whether [...]

Consumer Bureau Targets Overdraft Fees

The Consumer Financial Protection Bureau, in announcing the inquiry, is also seeking public input on a new sample disclosure text on checking account statements. The disclosure would highlight exactly what the fee is and how much the account was overdrawn to incur it. That information would appear in a so-called “penalty fee box.” “Overdraft practices [...]

Smith Advertising added to Florida lawsuit

By Paul WoolvertonStaff writer A bank that alleges it has been shorted at least $9.8 million has added Fayetteville-based Smith Advertising Associates to the list of defendants it is suing in an effort to recover the money. The lawsuit was originally filed in January by Alabama-based Regions Bank, which has branches in Sarasota, Fla. At [...]

Smith Advertising added to Florida lawsuit

By Paul WoolvertonStaff writer A bank that alleges it has been shorted at least $9.8 million has added Fayetteville-based Smith Advertising Associates to the list of defendants it is suing in an effort to recover the money. The lawsuit was originally filed in January by Alabama-based Regions Bank, which has branches in Sarasota, Fla. At [...]

New agency looking into banks' overdraft policies

It’s a common complaint in South Florida: High penalties and fees for overdrawing the balance in your checking account. Today, the federal Consumer Financial Protection Bureau is launching an inquiry into overdraft programs to see how they are affecting consumers. As part of the probe, the bureau wants public input on a sample penalty fee [...]

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