Save $200 Annually: CFPB's Overdraft Fee Cap Takes Effect, But New Charges Loom
2025-01-16
Fortune on MSN.com
The Consumer Financial Protection Bureau's (CFPB) new cap on overdraft fees is expected to save consumers approximately $200 per year. However, the banking industry is planning to introduce new fees to compensate for the loss, which may impact consumers' savings. With the rise of online banking and mobile payments, overdraft fees have become a significant burden for many. The CFPB's move aims to provide relief, but consumers should remain vigilant about potential new charges, such as maintenance fees or ATM fees, to maximize their savings. By being aware of these changes, individuals can make informed decisions about their banking options.
