As part of an ongoing effort to combat “junk fees” charged by banking institutions, the Consumer Financial Protection Bureau (CFPB) has issued a ruling that could save American consumers up to $5 billion per year—that’s approximately $200 per household.
"For far too long, the largest banks have exploited a legal loophole that has drained billions of dollars from Americans' deposit accounts," said CFPB Director Rohit Chopra. "The CFPB is cracking down on these excessive junk fees and requiring big banks to come clean about the interest rate they're charging on overdraft loans."
