News Topic: Overdrafts

Banks’ third-party technology providers may face increased scrutiny; Rep. Porter wants more data about "confusing" checking account fees. ... Read full article

While bank stocks flounder, their bonds are seen as a haven against a possible recession; the senator asks bank about overdraft fees on closed accounts. ... Read full article

After a news report said the bank kept alive accounts customers thought they had closed, Sen. Elizabeth Warren told acting CEO Allen Parker in a letter that Wells is "still fundamentally broken." ... Read full article

The new products, along a 2% cash-back credit card, are aimed at helping customers build savings and reduce debt. ... Read full article

Overdraft fees make up the lion's share of the $214 women pay in banking fees each year, according to a survey by the investing app Stash. ... Read full article

The current overdraft rules could use some tweaks, but it should largely remain the same to protect consumers. ... Read full article

Readers react to the Fed warming up to CRA reforms, criticize the Democratic presidential candidates, defend Pittsburgh as a megabank attraction and more. ... Read full article

The CFPB asked whether 10-year-old consumer protections against overdrafts are onerous or unfair, especially to smaller financial institutions, but banking industry officials largely said any changes could invite new problems. ... Read full article

Readers react to Congress vetting Facebook's Libra, heavily debate whether to delay CECL, opine attempts to roll back overdraft laws and more. ... Read full article

New York Attorney General Letitia James said there is “no basis to believe” that the overdraft rule has harmed small banks and credits unions. ... Read full article

Companies that offer early access to earned wages want a regulatory framework for their fast-growing industry. But the bill under consideration in Sacramento is exposing big divisions in the sector. ... Read full article

Former Barclays CEO John Varley was accused of trying to obtain funds to avoid a government bailout; borrowing to pay for weddings surged last year. ... Read full article

The move figures to generate more low-cost funding for the firm’s consumer lending businesses without sacrificing substantial revenue. ... Read full article

As CFPB mulls privatizing database, consumer complaints are on the rise; an argument for continued human oversight of artificial intelligence; how some banks are luring talent from big tech; and more from this week's most-read stories. ... Read full article

"Institutional support" spurs cryptocurrency price gains; the regulation limits what banks can charge for going negative on accounts. ... Read full article

Digit's savings app, relying on JPMorgan Chase's new real-time payments service, will offer customers an instant withdrawals feature that uses savings as a cushion against checking overdraws. ... Read full article

The agency launched a review to gauge whether the regulation requiring consumers to opt in to overdraft protection “should be amended or rescinded” to minimize the effects on smaller financial institutions. ... Read full article

Wells Fargo said holders of its student cards will see their costs decline by about half as its expands benefits after drawing scrutiny earlier this year for high fees on college campuses. ... Read full article