Serving Metropolitan Detroit Since 1944

Biden Takes Aim at Excessive Bank Charges

Propose Significant Reduction in Overdrawn Account Fees

President Biden has announced a proposal to dramatically reduce the cost of overdrawing a bank account. The initiative targets what it views as unnecessary financial burdens on consumers, particularly those living paycheck to paycheck.

The proposed regulation could cap the overdrawn account fee at $3, which would represent a significant difference from the current banking landscape where fees can soar to as much as $39. "When companies sneak hidden junk fees into families' bills, it can take hundreds of dollars a month out of their pockets and make it harder to make ends meet," Biden stated. "...

 

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