For Immediate Release
July 31, 2014
ABA Media Contact: Mike Townsend       
(202) 663-5471

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ABA Statement on CFPB Overdraft Study

By Nessa Feddis, ABA’s senior vice present and deputy chief counsel for Consumer Protection and Payments

​    "No one in America has debit card and ATM overdraft protection today who did not affirmatively opt in after receiving a one-page summary of the service and fees.  They receive written verification of their choice, multiple reminders when they overdraw and can opt out at any time.  Consumers have multiple tools to manage and check their accounts day and night to avoid overdrawing.”
The American Bankers Association is the voice of the nation’s $14 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $11 trillion in deposits and extend nearly $8 trillion in loans.
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