Rohit Chopra, the CFPB director, stated, "Big banks love overdraft. It is easy profit for them, but it is punishing for so many Americans, especially those who live paycheck to paycheck."
The CFPB's rule, expected to be effective by October 2025, estimates that it could save the typical American household $225 annually on overdraft fees, as current charges can reach as high as $35.
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