Anyone want to bet how many complaints show up on Twitter and Facebook?
[CFPB email sent today]
Today, we're beginning an inquiry into checking account overdraft practices. As we do, we want to know more about how well consumers like you understand these practices.
Technology gives consumers more ways than ever to access their checking accounts. But that also means more - and easier - ways to overdraw those accounts. Banks often allow these overdraft purchases, but they assess a fee for each one. Because it's so easy to do, some people don't realize they're overdrawing. In addition, many people may not even realize they've opted into these fees on debit card purchases and ATM withdrawals.
Check your debit overdraft status. Are you opted in or opted out of debit card and ATM overdraft protection?
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We're hoping you'll share your answer on Twitter or Facebook so people can see that other people have similar experiences.
Sometimes, overdraft coverage and fees are automatic, like when you pay for something with a check or make an online bill payment. But your bank or credit union can't charge you for overdrafts on ATM or point-of-sale debit card transactions unless you have opted in. Knowing your status -- whether you have debit overdraft protection -- allows you to decide what is best for you.
We want to hear what you have to say about overdraft fees. We hope you'll share your status on Twitter or on Facebook. Your input will help us as we examine whether debit overdraft practices work for consumers.
Share your overdraft status, on Twitter or on Facebook.
Regardless of how you tell us, it takes just a few seconds, and it will help us as we begin our examine overdraft products.
Assistant Director for Community Affairs
The Consumer Financial Protection Bureau
P.S. -- Tonight, we're hosting a town hall in New York to hear stories from community members about their experiences with checking accounts. You can watch it live on our website starting at 5:30p.m. Eastern / 2:30p.m. Pacific. We're interested in stories from elsewhere, too. As you share your status, feel free to share additional thoughts about your checking account experiences. We'll share what we hear with the CFPB's Director, Richard Cordray.