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Consumer watchdog to start overdraft inquiry

By Ylan Q. Mui

 |  Washington Post  

  February 22, 2012

WASHINGTON - The Consumer Financial Protection Bureau is expected to launch an inquiry Wednesday into banks’ overdraft practices, which have been in regulatory cross hairs in recent years. The bureau said it will look into whether banks are reordering customers’ debit-card charges to maximize overdraft fees. Reordering transactions can double or triple penalties, and the practice has been the target of several class-action lawsuits against the nation’s biggest banks.

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