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The CFPB ordered Regions Bank to pay $191 million to customers in September 2022 for charging “illegal surprise” overdraft fees on “certain ATM withdrawals and debit card purchases ...
Bank overdraft fees, pricey penalties charged to customers who overdraw their accounts, face a $5 cap under new rules released by federal regulators.
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.
Some banks have responded to the pressure from regulators and consumers by voluntarily cutting back on overdraft fees. Bank of America, for instance, lowered its charges from $35 to $10 in 2022.
The CFPB also found that Regions misrepresented overdraft and non-sufficient fund fees related to the bank's short-term loan program. [38] On September 28, 2022, the CFPB again ordered Regions Bank to pay $50 million into the CFPB’s victims relief fund and to refund at least $141 million to customers harmed by its illegal surprise overdraft fees.
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 ...
While banks have cut back on overdraft fees in the past decade, the nation’s biggest banks still take in roughly $8 billion in the charges every year, according to data from the CFPB and bank ...
JPMorgan Chase, Wells Fargo and Bank of America reported a combined $2.2 billion in overdraft fees in 2023, ... Bank of America cut the fees to $10 from $35 in 2022.