Anna Maria Andriotis
speaker
3,396 appearances
52 recordings
1 series
first heard Jul 2017
last heard Dec 2022
Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.
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So what we're seeing is that the banks in particular, the big ones from a few months ago, were taking action to try to change
their overdraft policies and make them friendlier to their customers.
But the changes are ongoing.
And certainly everyone's taken note of the fact that the CFPB has called out these three big banks, JP Morgan, Wells Fargo, and Bank of America.
A study released by a banking trade group found that a majority of consumers view opting into overdraft fees to be able to overdraw essentially as beneficial and that they knowingly use it to cover unexpected expenses in times of need.
Now, look, there is a real debate around this topic here because
You know, you're standing at the register, you're making a purchase, and it depends on how you as a consumer feel about your financial health.
I mean, some people would rather have the transaction go through and not deal with the headache of it getting declined at the register, even though they know it means they're going to incur a hefty fee, be it $30, maybe more.
Others would rather not even deal with such a cost and say, you know, it's not worth it.
I'm not going to opt in and I just let the transaction get declined.
I'd rather not incur the fee.
Well, from the CFPB side, they made no, I mean, they did not in any way sugarcoat their words.
They're looking at this very closely at the banks.
A big focus of theirs is on the big banks.
The big banks haven't yet made announcements about making more consumer-friendly policies around overdrafts.
They might be facing regulatory action.
Things are unclear about exactly how extreme or not the challenges or the repercussions that banks will face will be from the CFPB, but the language, the wording used by the CFPB's director a few weeks ago, these were public statements, left little to debate around whether or not they would take action against banks that they found were
were not engaging in what they deemed to be appropriate and fair overdraft practices.
So I think the message has been made very clear and certainly very publicly.
The issuers are all kind of going after the same pool of people.
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