New overdraft fee rules could mean big changes for bank profits

It should be no secret to anyone in the financial world that banks make a heavy profit off fees paid by its customers, including overdraft fees, which accounts for roughly $40 billion in profit for banks. But that might change sooner rather than later. The Consumer Financial Protection Bureau has monitored and studied the validity of overdraft practices for three years now, and reports from the agency last week indicated that new rules are expected to come into effect within the next year. The…
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