Mad about bank overdraft fees? So are Washington regulators, and they’re taking steps to overhaul the practice.
to overhaul their overdraft-fee practicesThe Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, which oversees national banks, are pressing financial institutions to scale back what officials describe as an overreliance on overdraft fees, through a combination of public warnings and potential new regulation. Rules under consideration include making it easier for consumers to move money and their account histories to banks with lower fees.
The fees have resurfaced as a regulatory concern more than a decade after the Federal Reserve implemented a rule that banned banks from automatically charging a fee when consumers overdraw. The rule, now overseen by the CFPB, requires customers to opt in to “overdraft protection” programs before they can be charged, meaning they have to agree to pay a fee when they overdraw their accounts at automated teller machines or with most debit-card transactions.
The CFPB separately estimates, using filings from large banks and projections from smaller lenders, that the industry’s total revenue from such fees increased by an average of 1.7% annually from 2015 to 2019, reaching a total of $15.5 billion in 2019.of the currency, has encouraged banks to modify their use of the fees to promote consumer financial health.
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