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If you spend more money than you have in your checking account, your balance will go negative, and your bank will charge you an overdraft fee. Overdraft protection is a feature offered by many ...
Citizens Bank implemented an overdraft fee grace period in 2021, which allows customers with an overdrawn account to avoid overdraft fees if the account is brought back to a positive balance by ...
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 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.
Big banks and credit unions that dominate the financial landscape would only be able to charge $5 for overdraft fees or face much tighter restrictions under a final rule by regulators.
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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