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The White House is cracking down on overdraft fees

MGN

NEW YORK (AP) — The Consumer Financial Protection Bureau said Thursday it's capping overdraft fees at $5 with a rule set to take effect in October 2025, if it isn't overturned by Congress or altered under a Trump administration.

President Joe Biden had called the fees, which can be as high as $35, “exploitative,” while the banking industry has lobbied extensively to keep the existing fee structures in place.

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