Overdrafts

HSBC sides with Beijing over Hong Kong; overdraft fee haul

06/04/20

The bank’s Asia-Pacific chief backs law giving greater mainland control over the territory; the Center for Responsible Lending said big banks took in almost $12 billion in overdraft fees last year, with the bulk of it paid by lower-income customers.

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Banks are waiving overdraft fees. Should they be doing more?

04/28/20

Some bankers, economists, policy experts and even Mark Cuban say that creative uses of overdraft programs could be lifelines for consumers and businesses whose finances have been upended by the coronavirus crisis.

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Mark Cuban’s alternative to PPP: Fed-backed overdraft protection

04/26/20

The billionaire investor and entrepreneur sees problems with small businesses having to apply for loans to get coronavirus relief. He says a more efficient approach would be to let them run negative balances on their bank accounts.

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Banks join calls to shield stimulus checks from debt collection

04/16/20

In some cases, financial institutions are required by court order to divert funds to private creditors. But the industry has added its voice to a consensus for a legislative update to ensure Americans receive their full amount.

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Wells Fargo, Citi pledge not to garnish customers' stimulus funds

04/15/20

The two large banks are holding off for a month on collecting on negative balances to ensure that customers receive the full amount of government payments deposited into their accounts.

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One senator's plan for helping consumers weather coronavirus pandemic

04/14/20

Republicans balked at measures like an overdraft fee ban and interest rate cap in the recent stimulus bill, but Sen. Sherrod Brown, D-Ohio, isn’t done trying to add such proposals to future relief packages.

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Congress mulls further coronavirus relief for consumers

04/01/20

If Capitol Hill plans another round of stimulus, Democrats could have more leverage to demand steps such as suspending overdraft fees or placing a temporary cap on consumer lending rates.

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Oklahoma bank creating program to expedite stimulus funds for clients

03/30/20

Motivated by entrepreneur Mark Cuban, Citizens Bank of Edmond is offering an overdraft line to give customers quick access to cash they will eventually receive from the federal government.

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Businesses hitting credit lines; Coronavirus could put banks in the red

03/26/20

Corporations have tapped more than $124 billion in lines in the past three weeks; rating agency says virus “could wipe out a full year of U.S. banking profits.”

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Cheat sheet: What's at stake for banks, customers in stimulus battle

03/23/20

Congressional proposals could expand Federal Reserve liquidity support, delay a new credit loss accounting standard, provide certain accounts with unlimited deposit insurance and more to help businesses and consumers reeling from the coronavirus outbreak.

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