Tag: CFPB

Why Banks Are Eliminating The Overdraft Transfer Fee

Bank Product Structuring

Last week, Chase joined the ranks of Capital One, USAA, Frost Bank, OneWest, Huntington, Northern Trust and others and announced that in August, the Bank will no longer charge for overdraft transfers on its retail or small business accounts. In addition to eliminating the $10 transfer fee charge, Chase will also not allow customers to draw on their credit card line to fund overdrafts and will thus limit transfers from savings and established lines of credit. Why are these banks doing this and is this a trend?

 

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