BUZZ FEED: An annual study done by the Pew Charitable Trusts found that checking accounts, the most widespread banking product, now come with more disclosure about the full range of fees and penalties attached to them than ever before. The study also found that some widely criticized practices are still widespread among the largest consumer banks…
Pew surveyed the checking account policies and disclosures of 44 of the 50 largest banks, which cover about 65% of checking deposits.
One practice that Pew condemns is “high-to-low” transaction ordering, where banks process debit transactions from the highest value to the lowest, thus incurring an overdraft sooner and applying overdraft fees to more transactions. Twenty-two of the 44 largest banks do not reorder transactions or don’t charge for overdrafts at all, a six-bank increase from the year before. Pew wants all banks to end “high-to-low” reordering… (more)
