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Alabama League Attacks Overdraft Misuse

BIRMINGHAM, Ala.--Alarmed at what it said are unsavory practices involving overdraft protection, the Alabama Credit Union League said this week it has adopted a formal policy position criticizing unnamed financial institutions for "harmful" misuse of the product.

By Jim Rubenstein | Updated on December 06, 2007

BIRMINGHAM, Ala.–Alarmed at what it said are unsavory practices involving overdraft protection, the Alabama Credit Union League said this week it has adopted a formal policy position criticizing unnamed financial institutions for “harmful” misuse of the product.

Such misuse of the so-called courtesy pay programs, said the league, injures consumers and should be “prohibited.”“There are some regional banks in our state that take advantage of consumers in their courtesy pay offerings,” said Stephen Swofford, chairman of the league and president/CEO of Alabama CU of Tuscaloosa.

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