Bank Overdraft Fees Could Soon Drop Significantly

Consumer watchdog agency eyes dropping some overdraft fees to as low as $3, closing a loophole that it calls a 'massive junk fee harvesting machine.'

Cartoon man in having money fly put of his pockets to a large U shaped magnet in someone's hand
(Image credit: Getty Images)

The Consumer Financial Protection Bureau (CFPB) has announced a plan to curb bank overdraft fees, which it says cost American consumers billions of dollars annually. 

Under the proposal, some overdraft fees could drop to as low as $3.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Jamie Feldman

Jamie Feldman is a journalist, essayist and content creator. After building a byline as a lifestyle editor for HuffPost, her articles and editorials have since appeared in Cosmopolitan, Betches, Nylon, Bustle, Parade, and Well+Good. Her journey out of credit card debt, which she chronicles on TikTok, has amassed a loyal social media following. Her story has been featured in Fortune, Business Insider and on The Today Show, NBC Nightly News, CBS News, and NPR. She is currently producing a podcast on the same topic and living in Brooklyn, New York.