Category: Industry and markets

The CFPB study of overdraft programs

On June 11, 2013, we released a report that raises concerns about the ability of consumers to anticipate and avoid overdraft costs on their checking accounts. The report found wide variations across financial institutions regarding the costs and risks of opting in to overdraft coverage. The report also found that consumers who opt in for overdraft coverage on debit card and ATM transactions end up with higher account fees and more involuntary account closures than consumers who don’t opt in.

Full report

CFPB study of overdraft programs