Create a Professional Fees Receipt Format for Banking Effortlessly

Fees receipt format for Banking

a new federal rule plans to cap Bank overdraft fees at $5 for many customers and that could add up to a $5 billion savings per year on those banking fees ing to the Consumer Financial Protection Bureau ABC's Melissa Adon explains Bank overdraft fees kick in when you try to withdraw more money from your checking account than you actually have available those fees are usually $35 per transaction but that may soon change to a cap of f 5 for many customers big Banks love overdraft it is easy profit for them but it is punishing for so many Americans especially those who live paycheck to paycheck Rohit Chopra the director of the Consumer Financial Protection Bureau a government Watchdog in charge of protecting the Public's finances says the average American family incurring overdraft fees will save around $225 per year or more we've seen how Banks can reorder your payments or where a debit card purchase for something small like a coffee can end up with a big fee the cap was first proposed last January as part of the Biden administration's Crackdown on so-called junk fees the banking industry accusing the cfpb of blatant overreach the consumer banking Association in a statement saying the proposed rule rule would reduce consumer choice and ignore the substantial progress America's leading banks have made in saving money for consumers some major banks have already acted on this such as Ally City and voluntarily eliminating or reducing overdraft fees now Banks could end up charging more than $5 to cover their cost associated with overdrafts or if they choose to make money from the fees they would have to disclose the terms of the loan upfront now the change officially takes effect next October but it could face legal challenges Melissa Adon ABC News Los Angeles