News Summary: Agency: Higher fees from overdrafts

News Summary: Agency says consumers opting for overdraft coverage on accounts pay higher fees

Associated Press

HIGHER FEES FROM "OPTING IN": A U.S. agency says consumers who opt for overdraft coverage on their checking accounts pay higher fees and are more likely to have their accounts closed than those who decline it.

VARYING COSTS: Customers of some banks paid average overdraft charges of $298 annually, while those at other banks paid $147, according to a report by the Consumer Financial Protection Bureau.

POSSIBLE NEW RULES: The CFPB has been investigating overdraft fees, which are a major source of banks' revenue. The agency has said its examination could result in new rules.

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