A recent survey conducted by economic research firm and overdraft program provider Moebs Services showed that 1,800 banks and credit unions have made changes to their overdraft strategy since Regulation E was made a requirement in November 2009 by the Federal Reserve.
The results were from a survey of 2,000 banks and credit unions and was conducted in early March.
"Two facts from this survey surprised us," said Mike Moebs, economist and CEO of Moebs Services. "Those were the number of depositories that started overdraft programs for the first time and the number that stopped offering overdraft programs."
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