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Consumer watchdog launches overdraft inquiry

The Consumer Financial Protection Bureau is expected to launch an inquiry Wednesday into banks’ overdraft practices, which have been in regulatory crosshairs in recent years. The bureau said it will look into whether banks are reordering customers’ debit-card charges to maximize overdraft fees. Reordering transactions can double or triple penalties, and the practice has been the target of several class-action lawsuits against the nation’s biggest banks.
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