Banks may start thinking twice before charging customers overdraft fees.
Scrutiny over improper overdraft fees has increased recently. The Consumer Finance Protection Bureau has already unveiled plans to learn more about the way banks charge overdraft fees but big dollar settlements are what are likely to get banks’ attention.
US Bank just agreed to pay $55 million to settle accusations that it improperly manipulating debit card transactions in order to generate excess overdraft fee revenues. The bank isn’t alone in settling on the matter. Story by Halah Touryalai for Forbes.
Shady Overdraft Fees Could Cost Banks Over $1 Billion
- Chase Paying $110 Million To Settle Overdraft Fees Class-Action
- Bank Of America Paying $410 In Overdraft Suit
- Congressional Bill Would Crack Down On High Overdraft Fees
- Lawmakers Target Unfair Overdraft Charges
- Consumers Can Be Hurt by Banks Increasing Transaction Speed
- Despite New Opt-In Rules, Overdraft Fees Still Baffle Consumers