The banking sector has been moving away from charging overdraft fees for a few years now. CFPB scrutiny, along with the broader economy, has made it easier for banks to forgo that overdraft fee income.
The Consumer Financial Protection Bureau announced new rules today requiring companies like Afterpay and Klarna to investigate when customers dispute a charge, and issue refunds for returned products. They’ll also have to provide periodic billing statements.
The Consumer Financial Protection Bureau will reportedly push banks to reimburse customers who lose their money through scams on apps like Paypal, Venmo and Zelle.