The Consumer Financial Protection Bureau has finalized a rule capping overdraft charges at large banks, potentially saving Americans billions in fees annually.
Under the new rule, banks must offer clearer options for overdrafts, including a fee cap of $5 or treating overdrafts like a line of credit.
While many banks are lowering fees, average overdraft charges remain high, around $30 per instance, indicating a significant continued burden on consumers.
The rule, affecting institutions with over $10 billion in assets, may face challenges from the Trump administration which previously favored reducing regulations on banks.
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