Overdrafts

Wells Fargo offers new account with no minimum balances or overdrafts

09/01/20

The bank said the account is geared to consumers who want better control over their spending or are new to banking.

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T-Mobile extends its mobile banking program to Sprint customers

08/24/20

T-Mobile Money is now being offered to the 150 million customers of the combined wireless carriers, which merged this spring.

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TD Bank will pay $122M to settle CFPB charges of overdraft abuse

08/20/20

The bank has agreed to pay $97 million in customer restitution and a $25 million fine to settle allegations by the Consumer Financial Protection Bureau that it deceptively charged overdraft fees for certain ATM and debit card transactions.

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HSBC sides with Beijing over Hong Kong; overdraft fee haul

06/04/20

The bank’s Asia-Pacific chief backs law giving greater mainland control over the territory; the Center for Responsible Lending said big banks took in almost $12 billion in overdraft fees last year, with the bulk of it paid by lower-income customers.

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Banks are waiving overdraft fees. Should they be doing more?

04/28/20

Some bankers, economists, policy experts and even Mark Cuban say that creative uses of overdraft programs could be lifelines for consumers and businesses whose finances have been upended by the coronavirus crisis.

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Mark Cuban’s alternative to PPP: Fed-backed overdraft protection

04/26/20

The billionaire investor and entrepreneur sees problems with small businesses having to apply for loans to get coronavirus relief. He says a more efficient approach would be to let them run negative balances on their bank accounts.

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Banks join calls to shield stimulus checks from debt collection

04/16/20

In some cases, financial institutions are required by court order to divert funds to private creditors. But the industry has added its voice to a consensus for a legislative update to ensure Americans receive their full amount.

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Wells Fargo, Citi pledge not to garnish customers' stimulus funds

04/15/20

The two large banks are holding off for a month on collecting on negative balances to ensure that customers receive the full amount of government payments deposited into their accounts.

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One senator's plan for helping consumers weather coronavirus pandemic

04/14/20

Republicans balked at measures like an overdraft fee ban and interest rate cap in the recent stimulus bill, but Sen. Sherrod Brown, D-Ohio, isn’t done trying to add such proposals to future relief packages.

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Congress mulls further coronavirus relief for consumers

04/01/20

If Capitol Hill plans another round of stimulus, Democrats could have more leverage to demand steps such as suspending overdraft fees or placing a temporary cap on consumer lending rates.

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