# Overdraft fees
Consumer Groups Urge Action on "Junk Fees"
Advocates detail common junk fees, call on Consumer Bureau to institute protections. In response to a call for comment on junk fees in the consumer finance industry, a number of consumer advocacy groups sent a letter to the Consumer Financial Protection Bureau (CFPB) detailing junk fees across a range of industries and services. The groups also called for specific actions to protect consumers from these fees.
Regions Joins Banks Limiting Overdraft Fees
Birmingham-based Regions Bank announced this week it will soon eliminate non-sufficient funds fees and reduce overdraft charges. The move comes amid a flurry of banks taking steps to make banking more consumer friendly.
Truist Joins Group of Banks Reducing Overdraft Fees
Truist Bank will gradually move away from accounts that charge fees for overdrafts or non-sufficient funds, reportsAmerican Banker. The launch of Truist One Banking — which is expected to take place this summer — is a major part of the Charlotte, North Carolina, company’s plan to overhaul its checking account program and expand access to mainstream financial services. The plan also includes the elimination of fees for non-sufficient funds, negative account balances and overdraft protection transfers. Older accounts that charge overdraft fees will gradually become a smaller part of the company’s deposit base.
Bank of America to End NSF Fees, Reduce Overdraft Charges
Bank of America announced today it is significantly reducing overdraft fees and eliminating non-sufficient funds fees, with the reforms starting in February. “Over the last decade, we have made significant changes to our overdraft services and solutions, reducing clients’ reliance on overdraft, and providing resources to help clients manage their deposit accounts and overall finances responsibly,” said Holly O’Neill, President of Retail Banking, Bank of America. “Throughout the process we have engaged our National Community Advisory Council (NCAC) for their guidance and feedback on our changes. These latest steps will further support our clients and empower them to create long-term financial wellness.”