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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 ...
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.
The American Bankers Association polled over 4,000 US adults in March 2024, and found that more than two-thirds found overdraft protection to be a valuable part of their banking experience. But ...
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 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.
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 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.
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 ...