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PayDay Lending Foe Takes On Overdraft Loans Caused by Debit Cards; Consumers Should be Warned

The Center for Responsible Lending, an affiliate of the $262 million Self Help Credit Union, has issued a report that charges banks and credit unions are hurting consumers with costly overdraft loans tied to debit card transactions.

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WASHINGTON — The Center for Responsible Lending, an affiliate of the $262 million Self Help Credit Union, has issued a report that charges banks and credit unions are hurting consumers with costly overdraft loans tied to debit card transactions.

The Center’s report, Debit Card Danger, recommends that financial institutions be required to notify consumers when a debit transaction will send their checking account into an overdraft status and to give them a chance to not complete the charge.

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