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Financial watchdog cracks down on bank overdraft fees
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The Consumer Financial Protection Bureau is cracking down on banks charging fees for customers who overdraw their checking accounts, the bureau announced Wednesday.
The financial watchdog is planning a «range of regulatory interventions» targeting firms that rely heavily on overdraft fees as a revenue source, Rohit Chopra, director of the CFPB, said in a press call.
Overdrafts occur when customers don't have enough funds in their accounts to cover a transaction. Banks may allow the transaction
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