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Journal Article
New rules aim to clarify overdraft information
New amendments to Regulation DD address how banks inform their customers about bounced-check protection services.
Journal Article
SIC: Switzerland's new electronic interbank payment system
It is an article of faith among American bankers and their regulators that some daylight overdrafts are necessary to the efficient functioning of large-dollar wire transfer systems. But the Swiss have injected an element of doubt by developing a system that does away with daylight overdrafts. Their new system processes a payment only if sufficient clearing funds are on deposit in the sending banks reserve account. If sufficient funds are not available, the payment is held in a queue until covering funds have arrived. Vital and Mengle describe the first eighteen months of the systems operation.
Journal Article
Data on daylight overdrafts
Journal Article
Intraday credit: risk, value, and pricing
An abstract for this article is not available
Journal Article
Payment system risk issues
A discussion of international, domestic, pricing, and operational aspects of electronic payment system risk, with a description of proposals for managing the risk and for reducing Federal Reserve exposure.
Journal Article
Large-dollar payment flows from New York
Journal Article
Daylight overdrafts and payments system risk
Journal Article
Comment sought for charging fees on all daylight overdrafts
Working Paper
Limited and varying consumer attention: evidence from shocks to the salience of bank overdraft fees
The authors explore dynamics of limited attention in the $35 billion market for checking overdrafts, using survey content as shocks to the salience of overdraft fees. Conditional on selection into surveys, individuals who face overdraft-related questions are less likely to incur a fee in the survey month. Taking multiple overdraft surveys builds a "stock" of attention that reduces overdrafts for up to two years. The effects are significant among consumers with lower education and financial literacy. Consumers avoid overdrafts not by increasing balances but by making fewer debit transactions ...