Regulators Bounce Back
From the beginning, the regulatory agencies have said it loud and clear: they don't like bounce protection. The agencies have just taken one more step in this arena by publishing a consumer resource, "Protecting Yourself from Overdraft and Bounced- Check Fees." Banks refused to listen to the warnings and went enthusiastically after the product, with nothing but fee income in their sights. Now the agencies are handing consumers the tools to fight back. So instead of developing rules on the topic beyond the unfair or deceptive trade practice warnings, the strategy is to help consumers fight their financial institutions. You asked for it and you got it!
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 11, 10/04
First published on 10/01/2004