NEW YORK - With the election only days away, President Biden's administration is targeting overdraft, bad check and junk fees charged by banks and other companies to customers. The announcement comes after months of high inflation has eaten up Americans' savings - making the economy an issue for voters. Biden was joined by the director Rohit Chopra of the Consumer Financial Protection Bureau, the nation's financial watchdog agency that is targeting the fees. CFPB's guidance would make it illegal for banks to charge an overdraft fee on a transaction when a customer's account has a positive balance at the time of purchase, or when withdrawing money from their account. Prior to the pandemic, banks charged customers about $15B in overdraft and bounced check fees, according to the bureau. CFPB estimates the new enforcement will save Americans about $3B annually. (The Ap 10/27/22) National News: With Americans feeling pinched, Biden targets bank 'junk fees' (10/27/22) | Southeast Missourian newspaper, Cape Girardeau, MO (semissourian.com)
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