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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 CFPB finalized a rule that allows banks to cap overdraft fees at $5 or set the fee at an amount that covers losses. The rule, which will take effect in October 2025, is projected to save ...
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 ...
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 ...
Under the overdraft rule, large banks and credit unions would have three options when setting fees: they could charge an amount based on the cost of the service, including losses from it; they ...
Many large banks voluntarily reduced or eliminated overdraft fees in 2021 and 2022, under pressure from lawmakers and regulators. The average overdraft fee peaked at $33.58 in 2021 , according to ...
Under the finalized rule announced Thursday, banks will be able to choose from three options: they may charge a flat overdraft fee of $5, they may charge a fee that covers their costs and losses ...
Taken together, these banks typically account for the lion’s share of the overdraft fees charged in any given year. CFPB officials said they expected the rule to be finalized in the coming year ...