FDIC: Multiple NSF Fees Could Be Illegal
Banks that charge multiple nonsufficient funds fees on a single item could be violating consumer laws, according to the FDIC.
Bank of America’s Overdraft Fees Down 90 Percent
Bank of America says the revenue it gets from overdrafts has dropped 90 percent from a year ago, after the bank reduced overdraft fees to $10 from $35 and eliminated fees for bounced checks.
Citizens Eliminates NSF Fee
Citizens Bank plans to eliminate nonsufficient funds fees by the end of the year, a move being made as more banks continue to take steps to address the effects banking fees have on consumers.
Cape Cod 5 to Eliminate Overdraft, NSF Fees
Cape Cod 5 plans to eliminate all fees for consumer and business overdrafts, as well as nonsufficient funds, in a move that matches or goes beyond the steps several national banks have taken to address the effects these fees have on consumers.
M&T Bank to Reduce Overdraft Fee
Buffalo-based M&T Bank has joined the growing list of banks reducing or eliminating customer fees for overdrafts and non-sufficient funds.
Trade Groups Call CFPB Bank Fee Initiative ‘Misguided’
Citing billions of dollars that households spend annually on “exploitative junk fees,” the Consumer Financial Protection Bureau launched an initiative Wednesday to reduce the fees charged by banks, credit unions and other financial companies.
BofA to Reduce Overdraft Fee, Eliminate NSF Fee
Bank of America is slashing the amount it charges customers when they spend more than they have in their accounts and plans to eliminate entirely its fees for bounced checks.
CFPB: Two-Thirds of Bank Fees from Overdrafts
Banks earned an estimated $15 billion from overdraft fees in 2019, and smaller institutions brought in almost as much income per account as large banks, according to research from the Consumer Financial Protection Bureau.
