Lawrence, KSCalls for the regulation of excessive overdraft fees could be a lifesaver for America's college students, as a recent survey found that nearly half of adults aged 18 to 25 are being burned by extraneous charges each year.
As reported in the Daily Kansan, the Center for Responsible Lending's study claims that 46 percent of college-aged adults overdraw their checking account every year, a statistic that represents more than $1 billion in revenue for banking institutions.
In recent years, overdraft fees have been at the center of controversies related to predatory practices, including misrepresentations of clients' account status, deceptive listings and a lack of available information on the services.
The controversy has provoked the Federal Reserve to begin enacting new guidelines and restrictions on banks that would require the financial institutions to provide more information concerning overdraft protection, while forbidding them from automatically enrolling customers in these programs.
The Center for Responsible Lending's Lesley Parish hopes that the moves will endure.
"Once the spotlight fades on these issues banks will go back to their egregious practices," Parish tells Kansan.com. "We're hopeful that the current momentum will make sure these bills are supported."
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