Overdraft fees‎ cause for bank probe

Posted on: 6:08 pm, April 20, 2012, by

overdraft

Federal regulators are reportedly investigating nine big banks for more than $30 billion in overdraft fees.

They are focusing on how the banks persuade customers to enroll in what they call Overdraft Protection Programs and whether it’s unfair or confusing to consumers.

Overdraft fees are big business for the banks. About 15 million Americans overdraw their accounts ten or more times a year.