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Debit Card Trap-OUTLINE - II Moebs Services a research...

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Debit Card Trap, NYT, Aug. 2009. “Debit Card Trap” I. Overdraft protection program a. approve the purchase and tack on a hefty penalty for each transaction b. Center for Responsible Lending: One college student whose bank records were analyzed by the center made seven small purchases including coffee and school supplies that totaled $16.55 and was hit with overdraft fees that totaled $245.
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Unformatted text preview: II. Moebs Services, a research company a. 90% of fees are paid by the bottom 10% III. Proposed changes a. First, banks must be barred from automatically enrolling customers in overdraft programs. b. This must be a service that customers opt in to c. Banks must also be required to warn customers in real time when a debit card charge will overdraw their accounts...
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