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This ruling will require banks and credit unions with over $10 million in assets to overhaul their overdraft protection ... account that offers bonuses such as free money orders and no foreign ATM ...
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.
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 ...
An overdraft fee is charged when the bank or credit union covers a deposit account holder’s transaction — a payment, withdrawal, debit or transfer when there is not enough money in that account.
“Repeatedly overdrawing an account may lead to a consumer’s bank rescinding overdraft protection and may also hinder the consumer’s ability to open new deposit accounts with other ...
The new rule updates federal regulations for banks with more than $10 billion in assets. It provides those banks with options for lowering overdraft fees, including capping them at $5.
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