CFPB Issues Guidance to Help Banks Avoid Charging Illegal Junk Fees on Deposit Accounts
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Over time, more northern states would do the same until all the states north of the line did not allow slavery. This made it the border between slave states and free states. It is unlikely that Mason and Dixon ever heard the phrase “Mason–Dixon line”.
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No committee opposing this ballot measure raised enough money to reach the reporting threshold for this list. If we use history as a guide, it’s safe to say the line will continue to serve some significance if in nothing else except our collective consciousness. What’s a timeless border today can be a forgotten boundary tomorrow.
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Today’s Consumer Financial Protection Circular explains that when financial institutions charge surprise overdraft fees, sometimes as much as $36, they may be breaking the law. The circular provides some examples of potentially unlawful surprise overdraft fees, including charging penalties on purchases made with a positive balance. These overdraft fees occur when a bank displays that a customer has sufficient available funds to complete a debit card purchase at the time of the transaction, but the consumer is later charged an overdraft fee. Often, the financial institution relies on complex back-office practices to justify charging the fee.
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Mason and Dixon resurveyed the Delaware tangent line and the Newcastle arc and in 1765 began running the east-west line from the tangent point, at approximately 39°43′ N. You may change or cancel your subscription or trial at any time online. Simply log into Settings & Account and select "Cancel" on the right-hand side.
The bulletin explains that indiscriminately charging these depositor fees, regardless of circumstances, likely violates the Consumer Financial Protection Act. Additionally, last year, homes where the head of household was out of work were nearly five times more likely to not have a bank account as compared to those where the household head was employed. A lack of banking options delayed some households from getting federal payments aimed at helping the country weather the economic fallout from the COVID-19 health crisis.
The CFPB has observed that financial institutions have started to compete more when it comes to fees. Earlier this year multiple banks announced they were eliminating overdraft fees or updating their policies to be more consumer friendly. And, in recent months, multiple large banks announced that they are eliminating non-sufficient fund fees on their checking accounts. The CFPB estimates that these changes mean $3 billion in savings for consumers. Consumers can submit complaints about overdraft and depositor fees, as well as about other financial products or services, by visiting the CFPB’s website or by calling 411-CFPB .
But as all the colonies grew in population and sought to expand westward, the matter of the unresolved border became a much more prominent in mid-Atlantic politics. For the rest of us, it’s the border between Maryland, West Virginia, Pennsylvania and Virginia. The Pennsylvania–Maryland border was defined as the line of latitude 15 miles south of the southernmost house in Philadelphia. For the cartographers in the room, the Mason and Dixon Line is an east-west line located at 39º43’20” N starting south of Philadelphia and east of the Delaware River.
It’s true that blacks were generally safer in the North than in the South, where lynchings and other mob violence were quite common all the way up until the civil rights movement in the 1950s and 1960s. In fact, segregation still existed in many northern cities, especially when it came to housing, and attitudes towards blacks were far from warm and welcoming. Boston, a city very much in the North, has had a long history of racism, yet Massachusetts was one of the first states to abolish slavery. The Missouri Compromise of 1820 was United States federal legislation that stopped northern attempts to forever prohibit slavery’s expansion by admitting Missouri as a slave state in exchange for legislation which prohibited slavery north of the 36°30′ parallel except for Missouri. The 16th United States Congress passed the legislation on March 3, 1820, and President James Monroe signed it on March 6, 1820.
As early as 2015 the CFPB, as well as other federal regulators, including the Federal Reserve, began cautioning financial institutions against charging certain types of authorized positive fees, such as the ones used by Regions to unlawfully penalize customers. Regions is required to, among other consequences, reimburse consumers all the funds it unlawfully charged since August 2018 and pay a $50 million penalty. Overdraft and depositor fees likely violate the Consumer Financial Protection Act prohibition on unfair practices when consumers cannot reasonably avoid them. Today’s Consumer Financial Protection Circular on surprise overdraft fees and the CFPB’s compliance bulletin on surprise depositor fees lay out when a financial institution’s back-end penalties likely break the law. An overdraft fee can become a surprise fee when the customer doesn’t reasonably expect their actions to incur an overdraft fee.
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