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Richard Cordray
CFPB: Consumers can pay steeply for overdraft protection
CFPB: Consumers can pay steeply for overdraft protection

After years of consumers paying steep fees for overdraft protection that, in some cases, they didn't even ask for, the government stepped in three years ago. Now, banks must get consumers OK — or opt-in —  before covering ATM and debit card transactions when the customer’s balance is too low. The Consumer Financial Protection Bureau issued a report today on how things are working out. The agency found that the percentage of new customers opting in for overdraft protection differed substantially among banks. At some institutions, more than 40 percent of them signed up for overdraft protection, while others saw fewer than 10 percent enrolling. Those who opt in...

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