Reported 2 days ago
The U.S. Consumer Financial Protection Bureau has introduced new regulations capping bank overdraft fees at $5, aiming to save consumers $5 billion annually. Despite opposition from the banking industry, the rule is seen as a vital measure for providing financial relief to families, potentially saving them up to $225 a year. While the American Bankers Association warns this could lead to the end of overdraft loans, recent polls indicate strong bipartisan support among voters for restricting such fees.
Source: YAHOO