Major Credit Card Company Just Killed A Hidden Fee That Cost You $35 Per Month—And Larry Fitzgerald's Advocacy Helped
If you’ve been nickel-and-dimed by your bank, listen up: a major fee waiver that started with a lawsuit is finally going into effect, and consumer advocates say it could save you hundreds a year. The hidden charge? A so-called "non-sufficient funds" fee that hits when you try to buy that $4 coffee but your account is short by a few bucks. This month, after years of lobbying by groups linked to former NFL star Larry Fitzgerald—who pushed for financial literacy and fair banking in underserved communities—the Consumer Financial Protection Bureau (CFPB) is enforcing new rules capping overdraft fees at just $5 per transaction. Previously, these fees averaged $35, meaning if you over-drafted three times in a month, you were out $105. Under the new cap, that same scenario costs you $15. Banks already started eliminating random fees in response, but this one's a direct win for everyday shoppers. Your wallet: spared from the "gotcha" fee. Your bank: scrambling to find other profits, but for now, you keep that $20—and Larry Fitzgerald's name is now tied to a credit you didn't even know you had coming.