The US House voted to overturn a $5 cap on bank overdraft fees. President Trump is expected to sign the measure.
It's part of the Trump administration's efforts to overturn Biden-era regulations enacted through the government's consumer watchdog, the Consumer Financial Protection Bureau, which has mostly been dismantled.
Overdraft fees are penalties a bank can charge if you overdraw on your account. The CFPB put the $5 cap in place in December, stating that the rule could save consumers up to $5 billion in annual overdraft fees.
Currently, there is no limit on what banks can legally charge for overdraft fees, although you can find banks that don't charge any overdraft fees.
Tiffany Wendeln Connors is a senior editor for CNET Money with a focus on credit cards. Previously, she covered personal finance topics as a writer and editor at The Penny Hoarder. She is passionate about helping people make the best money decisions for themselves and their families. She graduated from Bowling Green State University with a bachelor's degree in journalism and has been a writer and editor for publications including the New York Post, Women's Running magazine and Soap Opera Digest. When she isn't working, you can find her enjoying life in St. Petersburg, Florida, with her husband, daughter and a very needy dog.
English (US) ·