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Illegal Junk Fees in Overdraft fee income

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Question: 
Has your FI removed fees for authorized positive/settle negative transactions?
Answer: 

Multiple Agencies have discussed the APSN issues and the harm they bring to consumers. As far back as 2014 federal and state regulators have told their institutions to research understand and correct practices related to APSN transactions. Institutions that have not addressed this issue internally or with their vendors are at risk for illegal junk fee citations and UDDAP fines.

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First published on 05/07/2023

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