CFPB Wants to Help Consumers Understand Overdraft Fees

CFPB Wants to Help Consumers Understand Overdraft Fees

Research  these Stocks on Kapitall’s Playground Now

research now


In yet another attempt to inform the public, the Consumer Financial Protection Bureau is looking for opinions on new designs for overdraft disclosure forms. A part of their 'Know Before You Owe' program, the redesigns are an attempt to make it easier for bank applicants to know what they're signing up for. 

The latest announcement reads, "We're introducing four potential designs for an overdraft opt-in model form. We designed these forms to make it easier for people to understand what it means when they opt in for debit card and ATM overdraft on checking accounts. We're giving you an opportunity to see the progress we've made and tell us what you think." 

For a crash course; an overdraft is a small line of credit that your bank lends out if you withdraw/purchase from an account with a zero dollar balance. The set amount of overdraft allowed, as well as the actual overdraft fees, are determined by the individual bank and are always opt-in, (meaning if you didn't sign up for it, you won't be able to overdraft).

Usually the overdraft needs to be paid back in a certain amount of time otherwise it will hurt your credit score, and overdraft fees can be fairly high depending on what bank/ credit institution you use. 

As in all things CFPB, they're taking this time to ensure that customers who opt-in to these services are fully aware of what they're signing up for. So they're asking consumers directly for feedback. You can take a look at the designs and email some feedback here



© New Kapitall Holdings LLC. All rights reserved. Kapitall Wire is a division of New Kapitall Holdings LLC. Kapitall Generation, LLC is a wholly owned subsidiary of New Kapitall Holdings LLC. Kapitall Wire, which is not a broker/dealer, offers free cutting edge content and commentary and is produced for informational purposes only and should not be construed as research. Kapitall Wire is a product offered by New Kapitall Holdings, however, KapGen compliance personnel will oversee all Kapitall Wire material prior to release. 


4 responses to “CFPB Wants to Help Consumers Understand Overdraft Fees”

  1. Danette says:

    From this post, I came to know that the Consumer Financial Protection Bureau is looking for opinions on new designs for overdraft disclosure forms. I think you have shared very limited information on the concerned topic. I would like to know about it in detail.

  2. ankit says:

    Here is a very easy steps to access files and folders i learn. You can also try it because it helps you with a very well method where are recent documents windows 10. thanks a lot

  3. You will then be asked to visit to your Facebook account After doing so, your account will certainly be produced.

Leave a Reply

Your email address will not be published. Required fields are marked *

  • See Most Recent Articles