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1. New limits on overdraft fees. Some Californians consumers may breathe a sigh of relief when it comes to overdraft fees. As of Jan. 1, state-regulated banks and credit unions have been ...
The overdraft final rule — which would cover about 175 of largest banks and credit unions in the country — would take effect Oct. 1, 2025.
Another law, Assembly Bill 2017, bars state-chartered banks and credit unions from charging non-sufficient funds fees on debit-card transactions that are declined because the account is overdrawn.
The new CFPB regulation would require large banks and credit unions to either charge just $5 for overdrafts or, alternatively, pick an amount no higher than the cost of offering overdraft protection.
The most straightforward option is to simply set a cap of $5 per overdraft, a far cry from the average rate of $32 per overdraft reported in 2022. The banking industry still has overdraft options
Bank overdraft fees, pricey penalties charged to customers who overdraw their accounts, face a $5 cap under new rules released by federal regulators. The cap on bank overdrafts continues a ...
Overdraft protection is a credit service offered by banking institutions primarily in the United States. Overdraft or courtesy pay program protection pays items presented to a customer's account when sufficient funds are not present to cover the amount of the withdrawal.
The CFPB finalized a rule that allows banks to cap overdraft fees at $5 or set the fee at an amount that covers losses. The rule, which will take effect in October 2025, is projected to save ...