Overdraft fees—when a bank charges you for being broke—could soon be capped at the largest banks in the US. The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest effort by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck. The rules wouldn’t affect smaller banks and credit unions and wouldn’t go into effect until the fall of 2025. Still, the new Biden rule could save low-income Americans hundreds of dollars a year or more. #overdraftfees #banks #usbank #bank #fees #overdraftfee #biden #presidentbiden #bidenadministration #creditunions #largebanks #banking