Overdrafts

Sherrod Brown of Ohio and Cory Booker of New Jersey unveiled a bill to ban overdraft fees on debit card transactions and ATM withdrawals — a move that could negatively impact a major credit union revenue stream.

Sherrod Brown of Ohio and Cory Booker of New Jersey unveiled a bill to ban overdraft fees on debit card transactions and ATM withdrawals.

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Its noninterest expense rose 17% from a year earlier, in part because of costs stemming from its recent overdraft protection settlement with federal regulators.

The bank also agreed to pay a $5 million fine to settle allegations over how it obtained consumers' consent.

The suit against Alliant Credit Union comes just weeks after trade associations said firms were using social media ads to target plaintiffs for a potential class-action case.

These teens and early 20-somethings are hardworking, frugal, prudent, debt averse and fiercely opposed to fees — much like their great-grandparents who grew up during the Depression.

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At a time when credit unions have seen a major increase in fee income from overdrafts, several big banks are following Silicon Valley's lead by offering new fee-free accounts.

JPMorgan Chase and Wells Fargo are following Silicon Valley's lead by offering new fee-free accounts. While there are risks involved, the cost of doing nothing would be significant, analysts said.