The Biden administration is taking steps to fight what the president calls “junk fees,” as American citizens struggle to make ends meet due to inflation. The move against “junk fees” will lower the cost of everyday living for American families and put more money into the hands of working-class and middle-income citizens as well as…
Biden Moves to Combat ‘Junk Fees,’ Declares Surprise Overdraft Fees ‘Illegal’
October 28, 2022
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Bank of America to Reduce Overdraft Fees for Customers
Bank of America said it would eliminate insufficient funds fees in February and reduce overdraft charges from $35 to $10 for customers by May, in a Jan. 10 press release. The bank has become the latest financial institution to move away from the practice amid years of pressure from critics who say the fees unfairly target vulnerable…
US Banks Reconsider Policies on Overdraft Fees Due to Public Pressure
The U.S. banking industry may slowly end the practice of collecting overdraft fees, after decades of raking in billions of dollars from financially struggling customers, due to public pressure. All of this comes on the heels of a Dec. 1 report from the Consumer Financial Protection Bureau (CFPB), which may lead to more government scrutiny. “The…
NTD Business Full Broadcast (Oct. 20)
General Electric requiring all of its U-S workers to get vaccinated, or seek exemptions. It says it’s to follow President Biden’s order. Netflix beating expectations on earnings and new subscribers. Why does the company’s founder say they’re in unchartered territory? And overdraft fees hit a record high, but the good news is there are more…
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