The Consumer Financial Protection Bureau has proposed new rules that would lower overdraft fees, with President Joe Biden calling the charges “exploitative.” Currently, the fee for overdrawing a bank account averages more than $26. Here's what to know. WHAT IS AN OVERDRAFT FEE? When there isn’t enough money in an account to cover a transaction or withdrawal, but the bank allows it anyway, the customer is technically “overdrawn,” and most banks charge them a fee.