You're watching...
FBN’s Liz MacDonald on the Consumer Financial Protection Bureau’s investigation into bank overdraft fees.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
-- again in the cross hairs as the Consumer Financial Protection Bureau takes aim at one of the biggest revenue generators for big banks.
Was McDonald's here with more on that which ties into the Merrick park.
We let you know -- this is a big political hot potato for the banks especially banks -- up bailout money.
And what the Consumer Financial Protection Bureau is doing it's one of the biggest.
And one of its earliest actions is taking against the banks it's launching an inquiry into how these overdraft fees are charged in years Bank of America talking a Fox Business they're saying wait a second hang we have eliminated the chance that customers pay.
Say 35 bucks for cup of coffee thanks to low balance alerts in other words.
If you're checking account as -- -- smack you with that.
And visiting overdraft fee.
They also say no you knew you use your debit card as a credit card we will decline these point of sale transactions that there's insufficient funds we won't slap you with a -- Look at what's Citigroup was telling Fox Business through this saying hi -- US government they want customers to avoid overdraft fees we do -- point of salaries him over -- steps that they're saying now so they admit what -- -- look at what city is also saying also saying that we do want our customers to be more responsible -- so here's the issue big profit center for the banks 38 billion dollars.
-- -- -- Maybe fifteen billion in May -- overdraft fees the issue is are customers getting hit with these fees and not being told about them in these -- submarines.
And disclosures about as transparent as a bucket of -- to read right so you know so that's the issue and the banks not to discipline -- would be the administration and the congress.
And they have this eap B are all over this one because of the debit card controversy last year this -- -- -- next leg up.
This is a public relations problem for the banks -- banks are coming back saying we're on the stick.
We're stop and listen I'm all for making sure it's not in such fine print that nobody can see -- but by the same token things have to be able to punish people who who yeah that's right -- -- to Claudia I know I totally -- Q and what he'll -- -- but don't hide it that's right they're gonna put a new penalty box and checking account -- whatever.
So you know the thing is -- that -- -- banks continue to be in the cross hairs for things like this Liz MacDonald who by the way has spans over at foxsports.com.
That's a mutual they were telling me that yesterday.
That they -- They are quote addicted to Fox Business so that's great you'll not get it foxsports.com.
Which Holloway is ahead of espn.com and unique.
