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NEWS ABOUT: overdraft fee

It's Official: No More Overdraft Fees Without Opt-In

Feds go after bank fee 'profiteering'

(Newser) - Say goodbye to the $35 Frappuccino. As of yesterday, if you don't choose to opt-in for overdraft protection, your bank can't saddle you with a hefty fee on the Starbucks beverage you don't actually have enough money in your account for. A new overdraft protection law has come into effect,... More »

Wells Fargo Fined $203M for Gouging

'Profiteering' bank ordered to repay overdraft fees

(Newser) - Wells Fargo is guilty of gouging and profiteering and needs to return $203 million in overdraft fees to customers, a San Francisco judge ruled yesterday. The bank's practice of processing transactions from the largest to the smallest instead of in the order in which they occurred is clearly designed to... More »

Kiss Your Free Checking Account Goodbye

Banks raise fees to make up for lost overdraft bonanza

(Newser) - The free checking account could soon be a thing of the past, as Bank of America and other banks introduce a pile of new fees, telling the Wall Street Journal that they need to replace revenue lost because of new regulatory rules protecting consumers from surprise overdraft fees. To avoid... More »

BoA Scraps Debit Card Overdraft Fees

Move comes ahead of regulations, could pressure other banks

(Newser) - Bank of America is scrapping overdraft fees on debit card purchases ahead of new federal regulations. As of this summer, overdrawn customers of the nation's largest debit card issuer will simply have their cards declined at the register—rather than ending up paying $40 for coffee or some other small... More »

Banks Blitz Customers to Keep Overdraft Fees Coming

$20B in penalty fees threatened by Fed's new opt-in rule

(Newser) - Expect your mailbox to be stuffed in the coming weeks with entreaties from your bank, which desperately wants you to sign up for pricey overdraft fees it used to be able to slip into the small print. Under new Fed rules going into effect July 1, bank customers must opt-in... More »

Fed Restricts Overdraft Fees

Customers must opt in for coverage of ATM, debit transactions

(Newser) - Starting in July, banks will have to get consumers' explicit consent before authorizing an overdraft—and the accompanying fee—on debit and ATM card transactions. Since the advent of the financial crisis, overdraft fees have become the biggest source of consumer fee income for banks. Congress is also considering making... More »

Chase, Bank of America Tweak Overdraft Policies

Will eliminate fees on small overdrafts, cut number of times customers can be hit daily

(Newser) - After squawking by legislators, JPMorgan Chase and Bank of America are changing how they charge overdraft fees, the Wall Street Journal reports. BofA now won’t charge customers if they overdraw their accounts by under $10 in one day; at Chase, it’s $5 or less. Both are also reducing... More »

Dems Slam Bank Overdraft Fees

Banks are set to make $38.5 billion on overdraft fees this year

(Newser) - Washington Democrats are using words like "criminal" and "rip-off" in a round of complaints about banking overdraft fees, reports the Washington Post. US banks are poised to rake in some $38.5 billion from overdraft fees this year, usually without a warning to customers that they're about to... More »

Debit Card Overdrafts Bring Banks Billions

Fees make credit card shopping look like the smarter thing to do

(Newser) - Debit card overdraft fees are helping to pay banks’ bills in the recession—and they're hitting customers hard, the New York Times reports. “Banks will let you overspend on your debit card in a way that is much, much more expensive than almost any credit card,” says an... More »

Banks Hit Poorest With $38B in Overdraft Fees

(Newser) - American banks will pull in $38.5 billion in overdraft fees this year, a record sum that's largely coming from pockets of the poorest and most indebted consumers. According to the Financial Times, banks hiked fees on overdrafts and credit cards as the financial crisis took hold; this year's take... More »

Man's Debit Card Charged $23 Quadrillion—for Smokes

Bank of America tacks on $15 overdraft fee for good measure

(Newser) - Josh Muszynski was just trying to buy cigarettes. But when he swiped his debit card, the New Hampshire man incurred a charge for $23,148,855,308,184,500—plus a $15 overdraft fee added by Bank of America, WMUR-TV reports. “I thought somebody had bought Europe with my... More »

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