![]() ![]() CFPB is also announcing that it secured an additional $140 million in consumer refunds from companies that charged illegal junk fees, such as surprise overdraft fees and multiple bounced check fees for the same transaction.This new finding adds to the $5.5 billion annual reduction in banking junk fees achieved by the Biden-Harris Administration, for a total of an average of $170 in annual savings for the 33 million households that pay these fees. Previous CFPB studies have shown that bounced check fees, which can cost $30-40 per transaction, hit low income and minority Americans the hardest. CFPB finds that bounced check fees are down more than 86 percent since 2021-saving consumers nearly $2 billion-and that nearly two-thirds of large banks have eliminated these fees entirely.In addition, CFPB is releasing new findings showing their crack down on junk fees is already saving consumers billions of dollars: This reform will ensure financial companies compete based on service quality and up-front pricing, deterring junk fees. The proposal would make it easier for people to break up with their bank, switch to banks with better offerings, and to manage accounts from multiple providers. Later this month, the CFPB will propose a rule that, if finalized, would require financial companies to allow customers to safely, securely, and reliably send their banking transaction data to other companies and banks. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |