“Businesses are returning $140 million in surprise overdraft fees to consumers, according to a CFPB report”
October 12, 2023
“The nation’s federal consumer protection watchdog announced Wednesday that companies will refund $140 million to customers as a result of its work to uncover illegal so-called junk fees…. Nearly two-thirds of banks with more than $10 billion in assets have also eliminated NSF fees, saving customers nearly $2 billion a year, according to a separate report released Wednesday…
The companies that were part of the investigation were not identified in the report, but the CFPB has taken actions against Bank of America for repeatedly charging some fees and Wells Fargo for surprise overdraft fees…”