Credit card late fees capped at $8 under Biden crackdown on 'junk fees'
Credit card late fees capped at $8 under Biden crackdown on 'junk fees'
The Biden administration finalized a rule Tuesday that will close a loophole to slash fees charged by companies from an average of $32 to $8.
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Even though banks will still be able to charge limited overdraft fees, it won't be able to exceed the banks' losses under the rule. The CFPB has not finalized an amount but is exploring overdraft fees capped at $3, $6, $7, or $14, plus $.50 per transaction. The overdraft rule is currently under review.
They need to move their asses on this one. I think many banks charge $25-35 for an overdraft, an absurd amount of money that is obviously being charged to someone who doesn't have money.
I know somethat charge that DAILY!
Legalized loan sharking.