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A possibly unfair depositor fee

Answered by: 

Question: 
What is the bank depositor fee that the CFPB suggests may be an unfair act or practice?
Answer: 

If a bank charges its depositor a fee for charging back q deposited check that has been returned unpaid by the paying bank, the Bureau has said the fee is a “surprise” fee for the depositor, who could not have anticipated that the deposited check would bounce. The Bureau suggests the depositor cannot reasonably avoid the fee, so to impose the fee is unfair.

Learn more about John Burnett’s Update on Overdrafts and Account Fees webinar.

First published on 12/04/2022

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