Payday Pundit

Are you feeling the love?  The Payday Pundit and the Center for Responsible Lending think the Federal Reserves’ response to bank overdraft protection practices is too timid.  From the story:

Having fees kick in automatically, and without any on-the-spot notification, is a nifty way to maximize profits. Otherwise, consumers who were warned at the time might choose to cancel a debit-card or ATM transaction and pay cash rather than incur an extra $35 charge.

The Federal Reserve and Office of Thrift Supervision want banks to allow customers to opt out of automatic overdraft programs. The Center for Responsible Lending and other consumer groups correctly say this is too timid a remedy.

Even a broken clock is right twice a day.