Checks and Balances: Doing Overdraft Protection Coverage the Right Way
Francis X. Grady of Grady & Associates
Characterized by the Comptroller of the Currency in September, 2003 as an "accident waiting to happen," bounce protection (the service by which a bank chooses to pay a transaction account customer's NSF item and assess an overdraft fee for this prompt repayment obligation) has become subject to considerable bank regulatory and customer scrutiny.