The Consumer Financial Protection Bureau is actively targeting 'junk fees,' particularly those charged by financial institutions.
As a result, several banks have reduced overdraft and non-sufficient funds fees. However, a recent report indicates that ATM fees are now surging to new heights.
The Consumer Financial Protection Bureau is closely examining banking fees like overdraft and non-sufficient funds fees.
These fees can surprise customers and the agency deeming them as 'likely unfair and unlawful'.
In recent months, the consumer watchdog proposed a rule against specific credit card fees and offered guidance on checking account charges.
Numerous banks reacted by announcing the elimination of overdraft fees and adopting more consumer-centric policies.
Despite reductions in overdraft and non-sufficient fund fees, a Bankrate report reveals a record surge in out-of-network ATM charges.
Bankrate reports a new high of $4.73 for out-of-network ATM transactions. This includes the ATM owner's average fee of $3.15 and the customer's average bank charge of $1.58.
On the upside, average overdraft fees have fallen 11%, and non-sufficient funds fees are at an all-time low of $19.94.