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October 05, 2009

CFA: Overdraft changes not good enough

From a news release hot off the presses of the Consumer Federation of America:

Announced changes to overdraft programs at the nation’s largest banks will not protect American consumers from exorbitantly expensive short-term loans or extend federal consumer protections to the most expensive loans banks make. “None of the largest banks reduced their overdraft fees, which average $35 per overdraft, or dropped sustained overdraft fees tacked on if consumers cannot repay in just days,” noted Jean Ann Fox, director of financial services for Consumer Federation of America.
Our previous blog calling for Congressional action.

Posted by Ed Mierzwinski at October 5, 2009 03:52 PM


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