Say goodbye to overdraft fees.
Well, some of them at least. A new state law will limit the overdraft fees associated with banks operating here.
“Access to safe, affordable banking services is a critical component of financial health and stability,” said Superintendent of Financial Services Adrienne A. Harris. “This Guidance sets clear expectations for New York banks and credit unions to prevent improper or unfair charges of overdraft and NSF fees, to encourage these institutions to address demand for low-cost banking services and to prevent harm to the most vulnerable consumers of banking services.”
DFS says the new guidance, which prevents banks from doubling or tripling fees they charge to cover overdrafts.
Check out the new rules here.