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The average minimum balance needed to avoid fees is now nearly $10,000
Ally Bank says the charges made up less than 1% of revenue and disproportionately affected Black, Latinx and low-income customers.
Big banks say they’ll give customers a temporary break on negative balances.
The Consumer Financial Protection Bureau is reviewing a 2009 rule that regulates how banks charge customers who overdraw their checking accounts.
Opting into your bank’s overdraft protection could leave you paying higher fees and make your account more likely to be shut down, according to a new report from the Consumer Financial Protection Bureau.