Summary:
The Senate voted Thursday to strike down a rule capping most bank overdraft fees at $5, a measure adopted late last year by the Consumer Financial Protection Bureau that had been expected to save Americans billions of dollars per year.
Senator Josh Hawley, Republican of Missouri, was the lone Republican to oppose the resolution, which passed on a nearly party-line vote, 52-48. It will now move to the House, where Representative French Hill, the Arkansas Republican who leads the Financial Service Committee, introduced a parallel resolution last month.
The rule would have limited the fees banks and credit unions could charge when customers spend more than they have in their accounts, typically $35 per overdraft. The bureau estimated it would save American households $5 billion a year. It was immediately challenged in court by banking trade groups.
Personal opinon:
Call your bank and tell them to turn off overdraft protection now.
Sorry to hear that. Had amazing experience with mine - been using them for 20+ years - never paid a penny in fees, and they turned off OD protection for me when I opened the account. They even refund out of network ATM charges, and offer cashback rewards on my debit card.
You might have better luck with another union - there’s usually more than one in the area depending on where you’re located.