The Consumer Financial Protection Bureau (CFPB) proposed potential fees of $3, $6, $7 or $14 and is seeking feedback from banks and the public on what would be appropriate. Current overdraft fees often push $30 or more, taking a significant bite out of low-income accounts.
The agency estimates the rule would save consumers a total of $3.5 billion or more per year, or an average of $150 to households that get hit with overdraft fees.
The Biden administration has been quietly at work eliminating or reducing a lot of fees that do nothing but act as caltrops for the lower class. Overdraft price-gouging is only the latest sweep.
just what we need, lower the fees for deadbeats who abuse their banks and defraud sellers by writing bad checks. Banks make less in fees, they make up for it with interest rates.
Many banks now offer overdraft protection for checking accounts. My bank does, if we go negative, we have 24hrs to deposit to cover and there are no fees.
I wish he’d cracked down on Blockbuster’s late fees in the 90’s. I’d still have an account there and be one copy short of Police Academy: Mission Moscow.