Congressional Actions Against CFPB Overdraft, Digital Payments Rules May Spur Financial Services Innovation

Canada’s federal budget, released this week, includes a proposal to limit the fees that banks charge customers for overdrawing their accounts. This move is expected to provide relief for low-income clients but could potentially impact the revenue of Canadian banks, Bloomberg reported Thursday (April 18). The proposed...

Chime’s fee-free overdraft feature, SpotMe, is now available when members use the Chime Secured Credit Builder Visa Credit Card, in addition to debit card purchases and cash withdrawals. With this overdraft line of credit, members can access up to $200 in fee-free SpotMe coverage when using their...

Overdraft usage in the U.K. has increased by 7.1% since August 2021. This surge, according to a study of 20,000 ClearScore users who opted to connect their current accounts via open banking, correlates with a 6% rise in essential spend as a proportion of income....

For most American adults who rely on banks or credit unions to meet their financial needs, it may come as a surprise that 6 percent of households — nearly 8 million Americans — are considered unbanked. Sixteen percent are underbanked, or they have a bank...