Introduction: Why a bank charging for data matters to you
As banks and large depositary institutions reevaluate how third parties access customer account data, some have signaled plans to charge fintechs or aggregators for that access. That shift could increase costs for fintech apps, change how personal financial data flows between services, and — in some cases — lead to additional fees or degraded service for consumers who rely on account‑linking tools for budgeting, lending, or credit building.
This guide explains the current regulatory backdrop, what fee models might look like, immediate consumer rights under the CFPB's Personal Financial Data Rights rule, and practical alternatives you can use to protect your credit, privacy and access to financial services.
Who might charge, and how fees could affect fintechs and customers
Large banks have argued that heavy API call volumes and security costs justify charging data aggregators and third parties. Reporting on recent negotiations shows banks are proposing fee schedules tied to use cases (for example, higher fees for payment initiation or high‑volume data pulls), and fintechs warn those costs could be passed on to end users or force product changes.
Likely outcomes consumers should expect
- Some fintechs may absorb costs temporarily, but many will pass fees to users or change features (notifications, real‑time balances, auto‑sync) to reduce call volume.
- Smaller aggregators or niche apps could be priced out, reducing choice in the marketplace.
- Banks may enforce stricter vetting, throttling, or technical requirements for third‑party access — which can slow integrations and degrade user experience.
These dynamics are already affecting the market: a separate industry move has led to changes in open‑banking operations in the U.S., including departures or strategic exits by some open‑banking providers as disputes over access and pricing intensified.
What the CFPB rule means for consumers and important compliance dates
The Consumer Financial Protection Bureau's "Personal Financial Data Rights" final rule requires covered financial providers to make a consumer's covered financial data available and transferable at the consumer's direction without charging the consumer a fee for the transfer. The rule also limits how third parties may use or retain data they receive, and it creates revocation and deletion rights to give consumers more control.
Key compliance timeline highlights (size‑based phase‑in)
The CFPB phased compliance by institution size. The largest banks and certain big nonbank providers must comply first (beginning April 1, 2026), with smaller institutions following in subsequent years. If a covered entity falls within an early compliance tier, it should already be preparing technical and contractual changes to meet the rule.
Practical takeaway: even if some banks try to charge intermediaries, the CFPB rule gives you a regulatory basis to demand free transfers and to complain to the CFPB if a covered provider refuses. Keep documentation of any denial, notice of fees, or degraded access.
Practical steps: How to protect your credit, privacy and access today
Whether you use budgeting apps, credit‑builder tools that link bank accounts, or rent reporting services, take these steps now:
- Ask the fintech: Before authorizing account access, ask whether the provider expects to pass new bank/aggregator fees to customers and how they will handle changes in API availability.
- Check contract and permissions: Read the authorization and data‑sharing disclosures and revoke access you no longer use. Under the CFPB rule, revocation must be simple and effective; save confirmation screenshots or emails.
- Use alternatives that don’t rely on continual account scraping: Consider secured cards, credit‑builder loans, or rent reporting services that report directly to bureaus — these products can build credit without continuous bank API calls.
- Monitor for degraded service and document it: If a tool you pay for stops syncing or shows delayed data after a bank changes access terms, keep records and ask the provider for a written explanation; you may need this to complain to regulators.
- File complaints when appropriate: If a covered provider refuses a free transfer or improperly retains/uses your data, you can submit a complaint to the CFPB; the agency's rule provides a formal enforcement avenue.
Final thoughts
The open‑banking landscape in the U.S. is in flux. Some banks are negotiating fees to cover perceived security and operational costs while regulators are implementing rules to guarantee consumer access and limit misuse. Expect continuing industry negotiation and legal challenges — and plan for short‑term disruptions by documenting problems, asking questions of your fintechs, and relying on alternative credit‑building tools when needed.