Overdraft fees—colloquially known as “junk fees” in most circles—cost Americans billions of dollars a year, but a proposed rule from the Consumer Financial Protection Bureau would close one avenue of racking up these charges.
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Overdraft Fees Still a Surprise to Many
Even in light of changing legislation and promises from banks to be more transparent on how and when overdraft fees occur, the CFPB has found that many Americans are still surprised by them.
Read More »CFPB Fines Firm for Illegally Processing Unauthorized Mortgage Payments
The Bureau has issued a consent order against ACI, who will pay a $25 million penalty for practices that negatively impacted nearly 500,000 homeowners.
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