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
- Midwest Acquisitions is Expanding
- Suncoast Marketing Inc. selected as Finalist in Student Life Achievement Awards
- Eating Disorder Center of Denver & NEDA Join Forces during ED Awareness Week
- reSAWN TIMBER co. introduces the BARK SIDE collection for flooring/cladding
- King Mohammed VI launches a cement plant and a fiber optic network in Mali
- FMG is on the Move
- Safe Gas Piping Installation With HomeTown Plumbing
- AA-ISP Announces National Relationship with Velocify
- Phantom Screens Launches $10,000 Backyard Makeover Sweepstakes
- Click Measure Media Announces a New PPC Resource Center Dedicated to Paid Search