overdraft charges

A year after the Federal Reserve enacted new rules to rein in abusive bank overdraft practices, fees remain high and some institutions actually have slapped on additional penalties, according to a new survey by the Consumer Federation of America.

The consumer advocates at the Center for Responsible Lending have released a checklist of tough questions people should ask their banks to make sure their needs are being met -- and and to ensure they aren't paying unnecessary fees.

At $32 a pop, the overdraft fees at the Heartland Cafe in Chicago kept adding up. During the past 18 months -- the tally had reached $118,000, or about 3,600 separate charges. That's about 200 overdraft charges per month. Co-owner Michael James says he finally realized about six months ago that...

Now that the CARD Act as well as legislation requiring banks to give customers a choice about overdraft fees is in place, banks have begun responding predictably, this article says: They're adding new fees and jacking up the ones that already existed. The article linked to above lists the...

If you feel like your bank really, really wants you to opt-in for overdraft protection, it isn't your imagination. The official date -- August 15 -- for opting in or out of overdraft fees has passed. Meaning, thanks to new regulations passed by the Federal Reserve, if you haven't agreed to allow...

If you're fed up with overdraft fees, you're not alone. During a telephone press conference held earlier this afternoon, which I sat in on, Consumer Federation of America released the results of a national poll today showing that (surprise) just about everyone wants limits and additional...

Let's get the obvious out of the way first: We don't want you to overdraw your checking account. Spending more money than you actually have is not ideal, to say the least, and always winds up costing you more -- sometimes much more -- in the long run. But banks made more than $38 billion in...

Earlier today, Senators Chris Dodd, Jack Reed, Charles Schumer and Sherrod Brown unveiled a long awaited bill that will, if enacted, make it harder for banks to lob overdraft fees at their customers. If the Fairness and Accountability in Receiving (FAIR) Overdraft Coverage act passes, it will do...

Last week, The New York Times had an insightful op-ed entitled "The Debit Card Trap." I know what they're saying. There are days I feel like my bank is a hunter, and I'm the witless animal who has just stepped into the snare trap.The latest possible trend in banking, and I use the word "possible,"...