Vast majority of NSF Fees Have Been Eliminated, Saving Consumers Nearly $2 Billion Annually

Wednesday, October 11, 2023

"CFPB recently analyzed the non-sufficient fund (NSF) fee practices of a number of banks and credit unions. NSF fees are charges that some financial institutions impose when they decline to make a payment from a consumer's account, like a check or electronic authorization, after determining the account lacks sufficient funds. NSF fees are distinct from overdraft fees, which financial institutions charge when they pay, rather than decline, a payment when the account lacks sufficient funds."