Hidden fees

Re “Credit card changes will give consumers a break,” Dec. 19

It is unfortunate that the Federal Reserve’s ruling did not also address problems with bank overdraft and nonsufficient-funds fees.

A recent FDIC study showed that the most vulnerable Americans -- youth and those with lower incomes -- are disproportionately affected by these hidden fees. And a survey done by our organization this month showed that half of consumers admitted to having overdrawn their account.

Somehow, over-drafting checking accounts became common practice. The public and regulators need to understand that the interest and fees on these overdrafts are far more expensive than any other form of short-term borrowing.

James Bowers

Washington

The writer is managing director for the Center for Economic and Entrepreneurial Literacy.