A new proposal from the Biden administration could make sweeping changes to how much banks will be permitted to charge customers for overdraft fees. Banks charge an average of $26.61 for overdrafts, with some institutions charging more than $35. Overdraft fees accounted for $8 billion in revenue for the biggest banks in the US in 2023. The Biden administration claims that these fees tend to impact low-income families living paycheck to paycheck the most. The proposal has faced backlash from the banking industry, which relies on fees like overdrafts for revenue.
Biden aims to slash big banks’ overdraft fees, reducing financial burdens.
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