Banks can hide how they calculate overdraft fees, says court


By tvgnus   Follow   Wed, 26 Dec 2012, 11:49am   97 views   0 comments
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http://www.centralvalleybusinesstimes.com/stories/001/?ID=22559

Are overdraft fees subject to state regulation? •  The revenue from overdraft fees is massive Federal law allows national banks to hide how they manipulate overdrafts to maximize the penalties they assess their customers, the 9th U.S. Circuit Court of Appeals says. Thus a state law prohibiting the practices has no sway.

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