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CFPB Releases Overdraft Study

Posted on 6/11/2013

The Consumer Financial Protection Bureau (CFPB) released a white paper today averring that customers who opt-in to overdraft protection programs pay more in in overdraft protection charges and non-sufficient funds fees than those who do not opt-in. Those who opt-in are also more likely to have their accounts involuntarily closed for negative balances, the white paper says.

The CFPB found that 27 percent of accounts opened during 2011 were charged for overdraft protection, and that the average total of fees paid over the year was $225. Six percent of accounts opened in 2011 were involuntarily closed due to unpaid negative balances.

The white paper also found wide variations in fees, policies, coverage limits, and opt-in rates, which "raises questions about the degree to which even the most sophisticated consumer could readily anticipate and manage the cost of engaging in a series of transactions at one institution or compare the cost of overdrafting at different institutions," the CFPB said.

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