BOSTON — Consumer protection groups are challenging the practice of allowing debit cardholders to use their cards to overdraw their checking accounts and the study found that, overall, this practice has increased.
|The study found that more banks than credit unions allow their debit cardholders to overdraw their checking accounts with the cards. The study found that 72% of large banks let their debit cardholders overdraw their checking accounts with a debit card either at the point of sale or at the ATM. By contrast only 40% of credit unions and 50% of community banks surveyed did so.
|According to the last survey, only 34% of debit card issuers, overall, allowed the practice. –[email protected]
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