Congress

Senate Repeals Biden-Era Rule Capping Bank Overdraft Fees

The limit was part of the Biden administration’s broader campaign against ‘junk fees.’
Senate Repeals Biden-Era Rule Capping Bank Overdraft Fees
A Bank of America customer uses an ATM at a branch office in San Francisco on July 14, 2021. Justin Sullivan/Getty Images
Andrew Moran
|Updated:
0:00

The Senate scrapped a rule finalized under former President Joe Biden capping bank overdraft fees.

In a 52-48 vote on March 27, lawmakers overturned the Consumer Financial Protection Bureau’s final rule, which would have limited overdraft charges to $5 for financial institutions with more than $10 billion in assets.

Andrew Moran
Andrew Moran
Author
Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."