Cory Booker wants to ban banks from charging overdraft fees during coronavirus outbreak. (via CNBCMakeIt)
would not only block banks and financial institutions from charging overdraft fees. It would also block the similar "non-sufficient fund fee," which is charged when a check bounces in any transaction, including with any recurring bills you may have.
While it remains to be seen whether the legislation from Booker and Brown will be included in a major stimulus package or pass independently, , several banks — including Ally, Bank of America and Santander — haveThe Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency also issued a
encouraging banks to work with their customers who have been affected by the coronavirus pandemic. Their guidance included waiving overdraft fees, along with out-of-network ATM fees, late payment charges on credit cards and loans and early withdrawal penalties on CDs.If you are worried about overdrawing your checking account, you can always opt out of your bank's overdraft protection, and. Instead, your card will be declined if there's no money in your account.
You can only opt out of overdrafts on one-time transactions made with your debit card, so if you use checks, or if you have recurring payments set up and you go over your current checking balance, you may still be charged an insufficient funds fee. You can also eliminate overdraft charges by tracking your checking account balance regularly and keeping it from dipping too low.
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