An overdraft fee is charged when the bank or credit union covers a deposit account holder’s transaction — a payment, withdrawal, debit or transfer when there is not enough money in that account.

The CFPB, which initially proposed a crackdown on such fees in January, maintains that banks are charging excessive overdraft fees by exploiting a loophole that exempts overdraft lending services ...

The Biden administration announced the crackdown on overdraft fees in January as part of a larger crusade against excessive fees in the banking industry. “For too long, some banks have charged ...

Charge a flat overdraft fee of $5 Cap the fee at an amount that covers their costs and losses Charge any fee, but disclose the terms of the overdraft loan to customers the same way they would for ...

“Excessive overdraft fees have saddled hardworking Americans ... first announced in January as part of President Joe Biden’s crackdown on junk fees and attempt to bring about more transparency ...