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Released: November 16, 2012
PNC among banks changing policies on overdraft charges
Source: Patricia Sabatini, Pittsburgh Post-Gazette
Starting Dec. 1, Pittsburgh's biggest bank will stop reordering checks and debit card transactions from highest amount to lowest, a practice long decried by consumer groups as a sneaky way to maximize overdraft fees. Under the new policy, checks and debit transactions will be processed in the order they come in. Earlier this year, PNC agreed to pay $90 million to settle a federal class-action lawsuit that accused big banks nationwide of improperly manipulating debit card purchases by re-sequencing them and clearing them from high to low. That practice tends to drain an account more quickly and trigger the most overdraft fees, which now average about $35 a pop.Read Full Article: PNC among banks changing policies on overdraft charges
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