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MONDAY, NOVEMBER 23, 2009
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NEWS ABOUT: overdraft fee

overdraft fee stories: 6 news summaries


 Fed Restricts Overdraft Fees 

Customers must opt in for coverage of ATM, debit transactions

Nov 12, 09 1:06 PM CST
(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 »

MORE ABOUT:
Ben Bernanke • Federal Reserve • debit card • ATM • financial crisis • overdraft fee

Chase, Bank of America Tweak Overdraft Policies

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

Sep 22, 09 7:44 PM CDT
(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 »

MORE ABOUT:
Bank of America • JPMorgan Chase • financial crisis • overdraft fee

Dems Slam Bank
Overdraft Fees

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

Sep 21, 09 2:34 AM CDT
(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 »

MORE ABOUT:
Chris Dodd • banks • overdraft fee

Debit Card Overdrafts Bring Banks Billions

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

Sep 9, 09 9:29 AM CDT
(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 »

MORE ABOUT:
bank • debit card • credit card • fees • regulator • overdraft fee

(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 »

MORE ABOUT:
Citigroup • Bank of America • debt • bank • credit • banking • consumer debt • JPMorgan Chase • overdraft fee

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

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

Jul 15, 09 3:25 PM CDT
(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 »

MORE ABOUT:
Bank of America • debit card • overdraft fee • computer error

6 Stories


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