Banks Try Self-Regulation ; Cut Overdraft Fees to Forestall Consumer Protection Rules
The Record, Bergen County, NJ › November 23, 2009
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Summary
Many of the country's largest banks moved last month to get out in front of lawmakers' plans to curb the piling on of overdraft loan fees that critics say are usurious and prey on those who can least afford them.
Bank of America, Wachovia and JPMorgan Chase & Co. three of the largest banks in Bergen County by deposit market share said they will limit the number of fees they charge and make it easier for customers to refuse overdraft protection.See the full content of this document
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Banks Try Self-Regulation ; Cut Overdraft Fees to Forestall Consumer Protection Rules
"They saw the handwriting on the wall," said Gerard Cassidy, banking analyst at RBC Capital Markets in Portland, Maine. "They were too aggressive with the fees, and unless they made changes, it would be harder for industry lobbyists to fight new regulations."
Overdraft fees are expected to deliver more than $38 billion in revenue for U.S. banks this year, up from $19.9 billion in 2000, according to the re...See the full content of this document
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