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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 rule, unveiled Thursday, would cap overdraft fees at $5 — a substantial savings from the $35 that customers are typically charged. In total, households that pay overdraft fees could save ...
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 ...
Regulators said the rule will generate up to $5 billion in overdraft-fee savings for bank customers a year, or $225 per household that pays the fees. Bank industry leaders warn, however, that the ...
NEW YORK (AP) — The Biden administration has finalized a rule limiting overdraft fees banks can charge, as part of the White House's campaign to reduce junk fees that hit consumers on everyday ...
Wells Fargo eliminated NSF and overdraft protection fees in 2022, and it also began providing customers a 24-hour grace period to cover overdrafts before incurring a fee. The bank’s overdraft ...
In one of its final actions under the Biden administration, the Consumer Financial Protection Bureau issued a rule reining in bank overdraft fees.
Bank of America, once considered by industry critics to be the biggest abuser of overdraft fees, cut its fee from $35 to $10 two years ago and says revenue from overdraft fees is now less than 10% ...