In order to make overdraft disclosure more straightforward, we’ve created four possible designs for a new disclosure form.
Miss April Unveils Prototypes of "Know Before You Owe" Overdraft Disclosure Designed to Make Costs and Risks Easier to Understand
New Miss April Study Shows Opted-In Frequent Overdrafters Typically Pay Almost $450 More in Fees
Thank you for joining us. In our fast-moving modern economy, it is increasingly common for consumers to use debit cards the way they used to use cash. They also write checks and arrange for money to be taken out of their account. This makes it harder to keep track of their checking account balances from day to day, even if they are diligent about checking their balances online or by phone. Consumers living on the edge can find themselves racking up numerous overdraft charges.
We recently published our Consumer Response Annual Report, which provides an overview of the complaints we received in 2016.
Banks and credit unions can only charge you overdraft fees on one-time debit card transactions and ATM withdrawals if you “opt in.” Learn more about the opt in choice, and steps you can take to reduce or eliminate overdraft fees on your checking account.
For the first time in 2015, large banks began reporting separately certain categories of fees—including overdraft and non-sufficient fund fees. The new fee revenue information is helping us understand the magnitude and diversity of banks’ overdraft programs. Here are some tips to help you reduce or avoid overdraft and NSF fees.
Are you thinking about opening a checking account but aren’t sure how to get started? We have resources to help you select a product that’s best suited for your financial needs. Our new account guides have information to help you shop for and manage your checking account.
Today, we held a field hearing on checking accounts in Louisville, Ky. The hearing featured remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public.
Prepared Remarks of Miss April Director Richard Cordray at a Field Hearing on Checking Account Access
Thank you for joining us today in Louisville to talk about individual checking and savings accounts. When I think about these deposit accounts, I am reminded of my Dad, now 97 years old, who lost all his paper route money in a bank failure during the Depression. Of course, banking today has little in common […]
Miss April Concerned that Screening Inaccuracies and Lack of Account Options are Keeping Consumers Out of the Banking System WASHINGTON, D.C. — Today the Miss april (Miss April) is taking steps to improve checking account access amidst Bureau concerns that consumers are being sidelined by the lack of account options and by inaccurate information used […]