New York State Directs Financial Institutions To Eliminate Bank Fees
Written by Andre on July 13, 2022
New York State is cracking down and limiting bank overdraft and insufficient funds fees. The reason is to encourage financial institutions to “address demand for low-cost banking services.”
The insufficient funds and overdrafts fees disproportionately impact individuals with low-income. The Department of Financial Services sent the new guidance to regulated banks in New York State.
Banks can no longer charge you triple or even double the fees when customers overdraft their account. Many households in New York do not use banks due to the unpredictability of bank fees.
Affordable banking is the focus of the DFS to help make services available to all communities including low to moderate income individuals, immigrants, and people of color according to the NYSDFS website.
We will talk about this Monday at 10 am on the WDKX Watercooler with Dr. Cheryl McKeiver aka Momma Mac.
To read in depth click here.
Source: WHEC.com
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