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Is there a cap on overdraft fees? How are they determined?
Rounding it up
Overdraft fees are, in essence, very expensive loans; consumers are able to spend slightly more than the money in their account for a fee.
The government does not cap overdraft fees and instead, relies on the banks to remain competitive and cap themselves.
Proper budgeting, shopping around, and linking to other accounts can help you avoid overdraft fees.
There are products, like Cover, that offer a more affordable alternative to overdraft protection.
Dan Bucherer
Dan is a runner and writer living in the Washington, D.C. area, where he currently works for a financial services trade association as the Communications Director.
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