The Consumer Financial Protection Bureau is capping the fees at $5 with a rule set to take effect in October 2025, if it ...

The Biden administration is placing new rules on banks that would severely restrict how much they can charge on overdrafts.

A new rule from the Consumer Financial Protection Bureau would cap many overdraft fees at just $5. It might not last.

Consumer groups applauded the move, but banks said customers could be driven toward more expensive options such as payday loans.