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#1668411 - 02/22/12 07:32 PM CFPB Requests OD Experience via Social Networking
J Hunt Offline
100 Club
Joined: Feb 2002
Posts: 132
Phoenix, AZ
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?

Share on Twitter Share on Facebook


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.

Thank you,
Zixta Martinez
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.
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#1668418 - 02/22/12 07:54 PM Re: CFPB Requests OD Experience via Social Networking J Hunt
DD Regs Offline
Power Poster
DD Regs
Joined: Nov 2008
Posts: 4,132
Somewhere in the middle
Originally Posted By: J Hunt
Anyone want to bet how many complaints show up on Twitter and Facebook?
[CFPB email sent today]


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?

Share on Twitter Share on Facebook



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.



The processes that we all went through to OPT IN the consumer,a nd they still don't know they are OPTED IN. Really crazy
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I'm only responsible for what I say, not for what you understand.

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#1668849 - 02/23/12 03:55 PM Re: CFPB Requests OD Experience via Social Networking DD Regs
Always In Training Offline
Diamond Poster
Joined: Jul 2006
Posts: 1,115
Where the Green Grass Grows
True -- but who really wants to tell the WORLD their overdraft status & history????

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#1668959 - 02/23/12 05:23 PM Re: CFPB Requests OD Experience via Social Networking DD Regs
ccman Offline
Platinum Poster
Joined: Sep 2007
Posts: 924
Amen! Its the grown-ups vs the spoiled rotten kids (who by the way get to vote). They seem to not grasp the reality, its not the gun, but the person behind it that's the problem. Its not the check, but the person writing or using the debit card that does not know when to stop. What's a mother to do?

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#1668979 - 02/23/12 05:46 PM Re: CFPB Requests OD Experience via Social Networking J Hunt
manimal Offline
Diamond Poster
manimal
Joined: Feb 2008
Posts: 2,207
Deleted
::forehead slap::
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