bank fees
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. […]
Last Week Capital One said they plan to eliminate overdraft fees starting early next year. Capital One has become the largest bank to get rid of the charges that cost Americans billions of dollars every year. Customers who are enrolled in overdraft protection will be automatically converted to the bank’s no-fee overdraft in early 2022. Click […]
According to a new Bankrate survey, Americans whose income has declined due to the COVID-19 pandemic are seeing higher bank fees, too. The monthly average for checking account fees was $7.65. Both Blacks and Hispanics were among the groups paying more than the average. Those hit financially by the pandemic saw average monthly charges for their checking […]
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