Having recently passed long-anticipated credit card reforms, some powerful House Democrats are now putting their weight behind efforts to rein in overdraft fees — the charges applied when consumers (often unknowingly) exceed their balance on debit purchases.
Those fees have become an enormous profit engine for banks, generating $17.5 More…
Following up on our piece this month about how payday lenders have found a friend in Rep. Luis Gutierrez (D-Ill.) — who’s pushing legislation that caps interest rates on those loans at nearly 400 percent — it comes as little surprise that the pawnshop industry, among the largest sub-sets More…
It happens all the time. A thirsty consumer grabs a cup of coffee with a debit card, unknowingly exceeds the available balance, and gets smacked with a $30 fee for the $3 purchase.
The banks call it overdraft protection — the usually automatic loan fronted by institutions to cover purchases More…
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