Overdrafts and the $38 Cup of Coffeeon February 8th, 2011 at 12:13 am
Some banks have made headlines by imposing high overdraft fees triggered by small purchases, such as the $38 cup of coffee comprising $3 for the coffee and $35 to cover the account overdraft fee. New regulations in 2009 required that banks deny overdrafts unless the customer had opted into the bank’s overdraft fee programs. While Bank of America has eschewed overdraft fees altogether, some banks have aggressively sought customer opt-in. These solicitations might make for interesting reading.
Bank of America Pays $410 Million to Settle Overdraft Suit (2/5/11) (subscription required)