Overdraft Protection May Do More Harm Than Good


Overdraft costs on consumer checking accounts vary widely across financial institutions and often result in more costs and more involuntary account closures for consumers who opt into such coverage, the Consumer Financial Protection Bureau reported on Tuesday. “Consumers need to be able to anticipate and avoid unnecessary fees on their checking accounts,” said CFPB Director Richard Cordray, “but we are concerned that overdraft programs at some banks may be increasing consumer costs.”

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Overdraft Protection May Do More Harm Than Good

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