Frequent Overdrafters Spend $450 More In Fees Each Year, More Disclosures Could Help

Under federal law, depository institutions are prohibited from charging overdraft fees on ATM and one-time debit card transactions unless consumers affirmatively opted in. But a new report suggests that those who do opt-in might not know the cost of such a decision, with frequent overdrafters spending about $450 in fees each year.

The Consumer Financial Protection Bureau released a report today detailing the cost of overdrafting for those who opt in to the coverage, and debuting four...

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