JPMorgan Chase & Co. is one step closer to a possible settlement of a class-action lawsuit brought against a number of banks over their so-called transaction-ordering practices. “We’re pleased to have reached an agreement in principle,” said spokesman Patrick Linehan, in which the bank has agreed to pay $110 million. That would settle customer claims that JPMorgan Chase charged excessive overdraft fees by processing transactions by dollar amount from highest to lowest rather than chronologically, which increased the number of overdraft fees incurred by account holders.
Fifth Third bank has debuted a hybrid credit-debit card called Duo, which is linked to both a checking account and a line of credit. But beware: Using the card could be costly.
Bank customers used to be automatically enrolled in overdraft programs, which “protect” the customer by covering debit card expenses even if it exceeds the account balance. The fee for this protection—which only protects the customer from having his card rejected—is about $35 for each and every transaction. As of August 15, however, customers aren’t automatically [...]
After stepping into the debit card overdraft fray, the Federal Reserve is now taking on gift cards.
