NEW YORK -(Dow Jones)- U.S. banks are easing how much they charge customers on overdraft fees, according to fresh data, but the move isn't likely to prevent a sweeping round of new regulations for this hot political issue.
By CHRISTOPHER S. RUGABER The Associated Press Banks will have to secure their customers' consent before charging large overdraft fees on ATM and debit card transactions, according to a new rule announced last Thursday by the Federal Reserve.
Unsatisfied with last week’s move by the Federal Reserve to curb high overdraft fees on consumers, members of Congress tout legislation they think will provide further financial relief.
The Federal Reserve imposed new rules making it more difficult for banks to hit customers with overdraft fees, helping some who wind up paying more than $30 in fees for a purchase as small as a cup of coffee.
Nov. 17 (Bloomberg) -- Banking Committee Chairman Christopher Dodd said the Senate may pass legislation regulating bank overdraft fees that goes beyond consumer protections the Federal Reserve announced last week.
WASHINGTON -(Dow Jones)- Consumer groups, lawmakers and a top banking executive agreed Tuesday that financial institutions shouldn't charge overdraft fees to customers using debit cards or ATM machines.
The U.S. Senate launched hearings Tuesday on legislation that would rein in bank overdraft fees that may earn U.S. banks an estimated $38.5 billion this year.
The Federal Reserve announced on Thursday that banks will now be required to receive informed consent from customers in order to charge overdraft fees on ATM and debit cards.
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