The recently formed Consumer Financial Protection Bureau released an email on Wednesday that showed its intent to begin an inquiry into bank’s checking account courtesy overdraft practices.
In the announcement, the group cited a 2008 study that found just under 10 percent of bank customers incurred more than 80 percent of overdraft fees.
In what must have been a shocking discovery to them, the vast majority of those people were young customers and those with low incomes.
In fact, the number one reason for the inquiry is the fact that courtesy overdraft fees disproportionately affect those two groups, again those with low incomes and young people . . .
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