The Consumer Financial Bureau issued new guidance opining that two common bank deposit fees − "authorize positive, settle negative" overdraft fees and return deposited items fees − constitute unfair practices, even if disclosed to the consumer. The CFPB's guidance, described in this article, is significant for all depository institutions but especially those that rely on deposit fee revenue.
Read the article in New Jersey Bankers Association Magazine here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
