Overdraft Fee Limits: Protecting Your Finances from Excessive Charges
This act aims to protect consumers by limiting high overdraft fees and ensuring greater transparency. Banks will need to clearly disclose costs and offer alternatives, helping to prevent unexpected financial burdens, especially for low- and moderate-income individuals.
Key points
Overdraft fee restrictions: Banks cannot charge overdraft fees for ATM or one-time debit card transactions.
Fee limits: A maximum of one overdraft fee per month and six per year can be charged for checks or recurring payments.
Transparency and consent: Banks must obtain your consent for overdraft programs and clearly disclose all fees and available alternatives.
No negative reporting: Repaid overdrafts cannot be reported as negative information to credit bureaus.
Status:
Expired
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