The incidence and impact
of multiple overdraft fees demonstrate the need for CFPB action to rein in the harmful effects of this product, which the bureau has found typically comes with a 17,000 % APR..
Be careful with this, however, because if you're not monitoring your account regularly, you could find yourself becoming overdrawn and hit
with multiple overdraft fees from your bank.
Lenders also review a home buyer's bank accounts for
multiple overdraft fees, which may be a red flag for lenders that the buyer can't manage his or her money well.