Banks prepare to take on the Biden administration over billions of dollars in overdraft fees

By KEN SWEET and CORA LEWIS
The Associated Press

NEW YORK (AP) — The Consumer Financial Protection Bureau is expected to propose rules this week that further rein in banks’ ability to charge customers a fee when they overdraw their bank account. Opponents of the fees often cite the example of a $3 cup of coffee costing someone $40. The banking industry is gearing up to fight back with a multimillion-dollar marketing and lobbying campaign. While banks have drastically cut back on overdraft fees in the past decade, the nation’s biggest banks still take in roughly $8 billion in overdraft fees every year, according to data from the CFPB and bank public records.