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Bookmark or Share- CFPB Closes Overdraft Loophole to Save Americans Billions in FeesWASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action to close an outdated overdraft loophole that exempted overdraft loans from lending laws. The agency’s final rule on overdraft fees applies to the banks and credit unions with more than $10 billion in assets that dominate the U.S. market.
- What is overdrafting and how does it work? - Capital OneThis is called an overdraft—when you spend or withdraw more than you have in your account, but the transaction still goes through. 1 Much of the time, this is possible through a service called overdraft protection—or overdraft service. 2
- What is an overdraft? | Consumer Financial Protection BureauWhat is an overdraft? An overdraft occurs when you don’t have enough money in your account to cover a transaction, but the bank pays the transaction anyway. Deposits to your account may not be immediately available for your use. Always make sure you have sufficient available funds in your account.
- What Is An Overdraft Fee And How Can You Avoid It? - BankrateAn overdraft fee is what a bank charges you when you withdraw more money from your account than the amount you have in it. When someone’s account is overdrawn, the bank may lend money to cover...
- Overdraft fees overhauled: What the new rules mean for ... - EmpowerOverdraft fees, which traditionally ran as high as $35 per transaction, have long been a source of anxiety for consumers—especially those managing tight budgets. The CFPB estimates that the new $5 cap could save U.S. households up to $5 billion annually, which is an average of $225 per household. 3,4.
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