Banks Made Over $30 Billion from Overdraft Fees in 2016

Overdraft fees are a real money-maker for online sbi banks. According to the Wall Street Journal, overdraft revenue is up 2.5% to $33 billion since 2015. Overall, in 2016, the top 10 biggest banks made $7.5 billion. These fees are costly for consumers. The Consumer Financial Protection Bureau (CFPB) has compared overdraft to a short-term […]

CFPB Orders Millions Returned to Consumers Over Rush Card Fiasco

Thanks to the Consumer Financial Protection Bureau, customers of RushCard, the prepaid debit card, will get some much-needed relief after a massive breakdown in October 2015 that left tens of thousands of consumers unable to access their own money. The consumer watchdog ordered RushCard to return $10 million to consumers for what they called a […]

Consumer Watchdog Goes After TCF Bank for Dicey Overdraft Practices

The Consumer Financial Protection Bureau (CFPB) is fighting for you. Last week, the consumer watchdog sued TCF Bank for tricking consumers into pricey overdraft fees. These fees are outrageous – TCF charged about $35 for an overdraft, even if the charge was for a $5 coffee! This latest enforcement effort shows just how crucial the […]