As the August 15 deadline looms for Americans to opt in to overdraft programs, banks and credit unions are marketing more aggressively toward vulnerable customers, the Center for Responsible Lending reports. Those living paycheck-to-paycheck are the targets because they’re most likely to overdraw their accounts. In order to get more customers to sign up, banks are reeling them in with scare tactics and a lack of information.
Under new federal guidelines, banks must receive explicit consent from customers to enroll them in overdraft programs after August 15. Banks have already been required to obtain consent for all new customers acquired since July 1, 2010.
Overdraft fees are typically around $35 every time an account holder attempts to take out more than what is available in their account. Now, banks and credit unions that are aggressively advertising to get clients to sign up before August 15 are failing to tell them they can avoid fees altogether by simply not enrolling.
Consumers looking to avoid debt from overdraft fees are advised to monitor their transactions closely on a routine basis. While overdrafts don’t cause credit score damage, they can still be easily avoided by consumers who keep track of their account balances after every purchase or withdrawal.
Franchises across the U.S. have recently been feeling a financial squeeze as banks tighten the reins on lending. The economic recession has rightfully scared banks from administering loans, and those interested in opening franchises are consequently suffering.
The American Express Spending and Savings Tracker recently 
Due to a separate provision in the recent healthcare overhaul, the fine line between private and federal loans created by banks and lending companies has become more favorable to borrowers. New private-loan incentives and help from credit unions are making it easier for students to attend college.
On CredAbility’s 100-point index, a score of 70 or below represents financial distress. The average combined score of the five sectors has remained below 70 for seven months, despite a slight improvement during the first quarter of 2010, Bankrate 
Low consumer confidence may prove for a slow economic recovery.
New protections prohibit credit card issuers from extending credit to those under 21 unless they offer proof of income or have a co-signer. Credit card issuers haven’t developed a standard income-level requirement, and there are no tools in place to prove a consistent source of earnings, reports the Star-Ledger. Without the ability to accurately prove income, there may be confusion among lenders about whether a co-signer is required to help secure a credit card.
Data released by Reuters and the University of Michigan show that consumer confidence unexpectedly dropped from 73.6 percent in March to 69.5 percent in April, 
Although the economy is beginning to show signs of life, the effects of the recession have many Americans eagerly awaiting their tax returns.
