Banks must now get overdraft fee consent
New Federal Reserve rules require banks to get consent from customers before charging overdraft fees for some transactions.
Washington, D.C. (WiredPRNews.com) - A new rule announced by the Federal Reserve requires banks to get consent for charging customers overdraft fees. As reported by the Associated Press (AP), the new requirements are in response to a number of complaints over these types of fees that force customers to pay $25 to $35 on average for charges allowed to go through on their accounts when money may not be available to fully cover the amounts.
As noted by the AP, banks earn up to an estimated $38 billion per year on overdraft charges. Previous complaints prompted some larger banks to make changes in their overdraft policies earlier this year.
The new rules are expected to take effect July 1.
WiredPRNews.com - The latest in Business News
Photo Credit: Wikipedia User NenyediTags: consent, Credit, D.C., federal reserve, money, overdraft, Washington
Online Business News Press Release Distribution - WiredPRNews.com
- Suncoast Marketing Again Recognized as a Top Distributor in the USA.
- Near Fatal Car Accidents and Internal Injuries
- For the 6th Year, BPA International ranks on Inc. 5000
- How Families of Victims are Impacted by Car Accidents
- G.W. Schultz Tool Recapitalizes in Support of Growth
- Rapid Development of Multilingual Content Gives Global Brands Competitive Edge
- NFM Lending opens new branch in Sarasota, Florida
- Teens at Higher Risk of Car Crash Injury During Summer
- Variable Speed Fan Expert Kurt Shafer Opens New Web Site VariableSpeedFanGuy.com
- ASR Hip Settlements Still Going Strong