Under the proposed rule, financial institutions would be prohibited from charging NSF fees on transactions such as declined debit card purchases, ATM withdrawals and some peer-to-peer payments.
| less than a minute read
CFPB proposes banning NSF fees on declined real-time payments
“Over the years, large banks and their consultants have concocted new junk fees for fake services that cost almost nothing to deliver,” CFPB Director Rohit Chopra said in the release. “Banks should be competing to provide better products at lower costs, not innovating to impose extra fees for no value.”
