Banks warned against charging overdraft fees without consent

By Paige Smith | Bloomberg
The Consumer Financial Protection Bureau cautioned banks against extracting overdraft fees from customers without first obtaining their consent.
The US regulator published guidance to help enforcers stop banks from charging overdraft fees based on so-called “phantom opt-in” agreements, it said Tuesday. Those agreements arise when banks say they have customer consent to charge the fees, without any actual proof they obtained it.
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