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.
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