The Consumer Financial Protection Bureau announced the final version of a rule limiting banks' ability to charge overdraft fees. It says the rule will save American consumers $5 billion annually. The CFPB said its overdraft rule will take effect Oct.

The Consumer Financial Protection Bureau said it is limiting banks’ ability to charge overdraft fees, potentially saving households hundreds of dollars.

( NewsNation) — A new rule from the Biden administration would cap overdraft fees at $5, lower than the average of $26 in 2023. The new rule was released Thursday by federal regulators and is part of President Joe Biden’s campaign against junk fees, which include everything from late fees and overdraft fees to hidden charges on concert tickets.