Fed: Representment NSF fees are ‘unfair’

September 25, 2023

In a “compliance spotlight” published Friday, the Federal Reserve stated that it has cited banks for unfairness, under section 5 of the Federal Trade Commission Act, for charging multiple nonsufficient fees when a transaction is presented multiple times against insufficient funds in the customer’s account.

The post Fed: Representment NSF fees are ‘unfair’ appeared first on ABA Banking Journal.

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