Overdrafts

Congressional proposals could expand Federal Reserve liquidity support, delay a new credit loss accounting standard, provide certain accounts with unlimited deposit insurance and more to help businesses and consumers reeling from the coronavirus outbreak.

The country’s banks plan to raise overdraft rates to 40%, which has regulator watching; starting this year pay increases won’t be retroactive to Jan. 1.

Banks’ third-party technology providers may face increased scrutiny; Rep. Porter wants more data about "confusing" checking account fees.

The complaint alleges the lead plaintiff was charged two separate fees for the same transaction and she didn't have sufficient funds.

The Massachusetts-based institution, which will forgive more than $750,000 in fees, is the latest to come to an agreement regarding overdraft claims.

Even with fee revenue already down, Oregon-based Providence FCU has cut its overdraft fees by half. Some analysts say the move could pay off if the economy goes south.

An appeals court said that Marietta, Ga.-based institution's overdraft agreements were "ambiguous" and now the case might be settled at a trial.

While bank stocks flounder, their bonds are seen as a haven against a possible recession; the senator asks bank about overdraft fees on closed accounts.

After a news report said the bank kept alive accounts customers thought they had closed, Sen. Elizabeth Warren told acting CEO Allen Parker in a letter that Wells is "still fundamentally broken."

The St. Joseph, Mich.-based institution faced claims that it didn't properly opt members in to its overdraft program.

The new products, along a 2% cash-back credit card, are aimed at helping customers build savings and reduce debt.

Overdraft fees make up the lion's share of the $214 women pay in banking fees each year, according to a survey of users of the investing app Stash.

The lawsuit claims that the Jacksonville, Fla.-based credit union charged members multiple non-sufficient-funds fees on the same item.

The current overdraft rules could use some tweaks, but it should largely remain the same to protect consumers.

Readers react to the Fed warming up to CRA reforms, criticize the Democratic presidential candidates, defend Pittsburgh as a megabank attraction and more.

Readers react to Congress vetting Facebook's Libra, heavily debate whether to delay CECL, opine on attempts to roll back overdraft laws and more.

New York Attorney General Letitia James said there is “no basis to believe” that the overdraft rule has harmed small banks and credits unions.

Moebs Services attributed the falling revenue to higher overdraft fees being charged to consumers.

Companies that offer early access to earned wages want a regulatory framework for their fast-growing industry. But the bill under consideration in Sacramento is exposing big divisions in the sector.

Former Barclays CEO John Varley was accused of trying to obtain funds to avoid a government bailout; borrowing to pay for weddings surged last year.