Nine U.S. Banks Said to be Examined for Overdraft Practices
By Carter Dougherty and Margaret Collins
The Consumer Financial Protection Bureau is scrutinizing nine banks including JPMorgan Chase, Wells Fargo, and Bank of America on how they persuade customers to enroll in overdraft protection and their justification for fees. Planning enforcement against banks that “exploit consumers with deceptive marketing”, the agency will examine marketing material and customer service scripts to determine whether [...]
