The Federal governments newly created “Consumer-Watchdog” agency, has announced that it will begin looking into the legitimacy of bank fees. Many times banks will charge a customer a fee, if they debit more money out of their account than is actually available. Daniel Wagner of the Associated Press, reported that the Consumer Financial Protection Bureau will be asking banks for information about how their overdraft fees may affect consumers. This agency is also curious to learn exactly what information consumers are given by their bank in regards to potential fees. The possible ramifications that may result from this probe are indeed serious. If a bank is found to be violating consumer laws, they could face a lawsuit as well as the creation of new rules and regulations for using such fees.
