Tag: fees

October 31, 2023

The proposals specifically seek to determine whether interchange fees for processing a transaction are “reasonable and proportional to certain issuer costs”. It forms the most significant update to the cap since the Reserve first implemented restrictions on debit card issuers […]

October 12, 2023

As per a 2010 federal law, big banks and credit unions with more than $10 billion in assets are required to provide “complete and accurate” account information when requested by the accountholders. The CFPB says it became aware of banks […]

July 24, 2023

The letter says that there is currently “widespread practice of firms showing currency conversion services as have ‘zero fees’ or ‘0% commission’”, but claims this is “highly misleading when a much larger charge is embedded in the exchange rate, ranging […]

July 6, 2023

On May 9, Warren and six other senators sent the CEOs of the 10 largest U.S. credit card issuers a letter demanding details about their companies’ late fee practices and citing a CFPB effort to curtail those fees. The issuers […]

May 9, 2023

A group of Senate Democrats asked several banks to explain their policies regarding customer late fees. The group, led by Sen. Elizabeth Warren, D-Mass., and joined by Senate Banking Committee Chairman Sherrod Brown, D-Ohio, wrote letters Tuesday to ten of […]

May 17, 2021

U.S. banks with more than $1 billion in assets took in a combined $11.68 billion in overdraft fees in 2019, the Center for Responsible Lending (CRL) found in June 2020. Bank of America’s five-year moratorium of retry fees is expected […]

April 24, 2020

Money transfer apps, which allow you to quickly pay friends and family through your smartphone, have grown in popularity in recent years. And the coronavirus pandemic has only expanded their use — to pay gig workers, make donations or simply […]

June 19, 2019

Discover DFS, -0.28% is eliminating fees for its deposit accounts — including checking, savings, money market or certificate of deposit accounts. But consumers looking to avoid fees should think twice before signing up, experts say. Consumers with a Discover Bank […]