Businesses are returning $140 million in surprise overdraft fees to consumers, according to a CFPB report
Publishing timestamp: 2023-10-11 12:35:08
Summary
The Consumer Financial Protection Bureau has announced that companies will refund $140 million to consumers due to illegal junk fees. The fees include surprise bank overdraft and nonsufficient fund fees. The report also highlights that nearly two-thirds of banks with more than $10 billion in assets have dropped NSF fees. The CFPB has taken actions against Bank of America and Wells Fargo for charging fees and surprise overdraft fees, respectively.
Sentiment: NEGATIVE
Keywords: breaking news: politics, u.s. economy, bank of america corp, business news, politics, wells fargo & co,