Tagged: overdrafts

CFPB on Overdraft Fees: Shift to Open Banking Will Make it Harder for Banks to Trap Customers Plagued by Fee Harvesting

December 3, 2021 @ 3:45 pm By JD Alois |

As was reported earlier this week, the Consumer Financial Protection Bureau (CFPB) has published a report on overdraft fees. These usurious fees generate billions on revenue for traditional banks. Almost like a drug addict, old banks struggle to eliminate these fees that end up harming… Read More

As Bad as Payday Lenders: FCA Chastises Banks’ Overdraft Fees, Provides New Rules on Overdrafts

January 22, 2020 @ 9:28 am By JD Alois |

The Financial Conduct Authority (FCA) is introducing new rules regarding overdraft fees that impact consumers. The new rules expect to benefit 70% of the population as banks will now be required to charge a simple annual interest rate, without any additional fees or charges beginning… Read More