The Consumer Financial Protection Bureau finalized a new rule that would cap overdraft fees at $5 for many banking customers, potentially saving them up to $5 billion per year. The rule, set to take effect on October 1, 2025, aims to provide relief to consumers who often face hefty fees for overdrawing their accounts. While some big banks have voluntarily reduced or eliminated overdraft fees, the new rule will apply to banks with more than $10 billion in deposits. The CFPB estimates that the rule could save the typical household $225 per year, offering a significant reprieve from the current $35 fee that many customers incur.
Source: https://abc13.com/post/overdraft-fees-could-capped-5-new-federal-rule/15645530/