Business
Friday, 7/3, 10:37 PM
Why your overdraft still costs 35 dollars after Congress killed a cap on the fees
- A federal rule that would have capped most bank overdraft fees at around five dollars never took effect: Congress repealed it.
- As a result, many banks still charge roughly $35 each time an account goes negative — a fee that, on the small, quickly repaid overdrafts most common in practice, can work out to an eye-watering effective interest rate.