US Consumers Still Surprised by Overdraft Fees, Regulator Finds

Fees for overdrafts and nonsufficient funds continue to catch US consumers by surprise, even after some of the nation’s largest banks cut back on the charges, the US consumer financial watchdog found.

Of surveyed consumers who were charged an overdraft fee in the last year, only 22% expected the charge, and 43% were surprised by it, the Consumer Financial Protection Bureau said in a report released Tuesday.

Many consumers also got hit with multiple charges. Among those in households charged a nonsufficient fund, or NSF, fee in the past year, 85% were also charged an overdraft fee, according to the ...