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The third option treats overdraft protection as a form of short-term lending, which technically it is. Banks and credit unions with $10 billion or less in assets are exempt from the rule.
Overdraft transaction charges could drop to a maximum of $5 from the current ceiling of $35 as of Oct. 1, 2025, if the current iteration of the Consumer Financial Protection Bureau (CFPB) gets its ...
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 ...
The Consumer Financial Protection Bureau has finalized a rule that curbs excessive overdraft fees charged to customers of large banks and credit unions, potentially saving consumers as much as $5 ...
Under the finalized rule from the Consumer Financial Protection Bureau that was announced on Thursday, banks will be able to choose from three options: they may charge a flat overdraft fee of $5 ...
While banks have cut back on overdraft fees in the past decade, the nation’s biggest banks still take in roughly $8 billion in the charges every year, according to data from the Consumer ...
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 independent watchdog agency said the new rule closes a loophole that for decades has exempted overdraft loans from the consumer protections required by the 1968 Truth in Lending Act.