Tell Congress: Rein in overdraft fees once and for all
Banks shouldn’t be allowed to hit customers with multiple overly punitive fees when they overdraw their bank accounts.
This week President Biden highlighted his administration’s crackdown on so-called “junk fees,” including overdraft fees, in remarks at the third meeting of the White House Competition Council.
As President Biden explained:
And what we’re talking about today is something that’s weighing down family budgets: unnecessary hidden fees — unnecessary hidden fees, known in the parlance as “junk fees,” are hitting families at a time when they can’t afford it. They shouldn’t be paying it anyway, in my view — but at a time when they can’t afford it.
We agree and have long called for consumer relief from overly punitive overdraft fees, which mostly penalize customers with the least money to lose.
President Biden’s remarks echo the Consumer Financial Protection Bureau’s new initiative launched in January to save Americans billions of dollars in junk fees. The CFPB sought public input on junk fees associated with their bank, credit union, prepaid or credit card account, mortgage, loan or payment transfers that are unexpected, unclear or too high.
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