Ever overdraw your bank account without even realizing it was empty? How about getting billed for overdraft fees you didn't know existed? These are common complaints that consumers have regarding debit card banking and it's a prime example of unscrupulous business practices.
The New York Times recently ran an editorial about the federal Consumer Financial Protection Bureau and its failure to require banks to accurately inform their customers about how these overdraft fees work. Although the CFPB has been forcing banks to get their clients consent for these programs since 2010, people have been complaining about all the paper work they must go through to fully understand their banks' policy regarding these fees.
It's great for a business to get their customers' permission for every service, but not when they keep the specifics a mystery. Transparent policies are something that should be required of all businesses and it's never acceptable for a business to try to confuse its customers out of their money.
If you've had any experience with these poorly explained overdraft policies, or any other non-transparent business policies, leave a comment.
To read the full article, More Debit Card Follies and Abuses, click here.
