Compliance Chat: Are overdraft fees going away?

In this “Compliance Chat” video, Amanda Kephart visits Cheryl Lawson to discuss how recent activity from the CFPB could impact overdraft fees. For many community banks and credit unions, there is an overwhelming amount of speculation, which is creating growing concerns.

While predicting the future isn’t crystal clear: changes are on the horizon. One major question is on most people’s minds right now: “Is the CFPB eliminating overdraft fees?”

It’s important to understand the CFPB’s goal isn’t to eliminate overdraft fees, but rather to reduce consumer costs. They are looking to strike a happy medium between consumers and financial institutions. However, when overdraft fee amounts range from $40 to $3, it leaves plenty of room for uncertainty.

Will overdraft fees vanish completely? Learn more about why there’s simply not a straightforward solution.

To learn more about how ADVANTAGE can help you offer a compliant, transparent overdraft solution your account holders will value, contact us.