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St. Louis Business Journal: Overdraft Changes Could Impact Fee-Based Income

3.11.10

Partner Jeff Heuer was quoted in a March 11, 2010, St. Louis Business Journal article explaining new federal regulations on overdraft fees. Heuer predicts an "avalanche of consumer confusion" when changes take effect on July 1, 2010.

In regards to opt-in documents that financial institutions are required to send to sign up individuals for overdraft protection programs, Heuer says, "Customers will do what they did with their deposit agreement and other notices. They may file them or more likely throw them away and never really look at them."

In an associated sidebar article entitled "Credit Card Act Doesn't Cover Small Businesses," Heuer also explains that the Credit Card Act of 2009 could ultimately result in more consumers not being able to get cards, and the effects on the economy. "There is going to be a contraction at the consumer level, and I think ultimately if there's less ability for people to put things on credit cards, they're not going to buy as much," Heuer says.