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11/08/2011 -
Last year, the U.S. Federal Reserve initiated a requirement for banks to acquire customers' permission to charge overdraft fees on debit cards. Now, one year later, the size of fees charged by financial institutions on such infractions have not dropped.These are the findings of a study released this week by the Consumer Federation of America, which also found roughly two-thirds of banks impose additional fees on customers who fail to pay overdraft penalties within a few days.
"Bank overdraft fees at the largest banks remain steep, ranging from $33 to $37, and far exceed the typical $20 debit card overdraft," said Jean Ann Fox, director of financial services at the CFA, in a statement. "Some banks have hiked the number of overdraft fees consumers can rack up in a single day to as many as 10, costing consumers as much as $370 in just one day."
The study is part of an effort to cull support for stronger regulations protecting consumers from "abusive" overdraft fees and practices.
Fox argued for government authorities to prohibit banks from manipulating payment processing in order to ramp up overdraft fees.
