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Overdraft fees could drop to as low as $3 under new Biden proposal (apnews.com)

submitted 9 months ago* (last edited 9 months ago) by MicroWave to c/news

194 comments fedilink hide all child comments

The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest effort by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck.

The change could potentially eliminate billions of dollars in fee revenue for the nation’s biggest banks, which were gearing up for a battle even before Wednesday’s announcement. Exactly how much revenue depends on which version of the new regulation is adopted.

Banks charge a customer an overdraft fee if their bank account balance falls below zero. Overdraft started as a courtesy offered to some customers when paper checks used to take days to clear, but proliferated thanks to the growing popularity of debit cards.

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[–] fidodo 13 points 9 months ago (1 children)

I don't know if all banks allow it but you can turn overdrafts off and get that exact behavior. It's hard to believe but overdraft protection was originally advertised as a feature.

[–] [email protected] 2 points 9 months ago

It's nice that you can turn off overdraft protection but some US banks will then charge you a Non Sufficient Funds (NSF) fee when a transaction is refused because it would overdraw your account. So you get fucked either way.