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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 most common type of overdraft protection involves designating a savings account as your backup source of funds. When you overdraft your checking balance, the bank automatically subtracts the ...
Consider finding a new bank if you’re unhappy with how your current bank handles overdraft fees. Look for banks with better fee policies, grace periods, and overdraft protection plans.
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.
That protection comes at a price, though, in the form of overdraft fees of about $27 each time a customer withdrew more than their checking account could bear, Bankrate.com reported in August.
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.
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