Overdraft fees

If this rule goes through, overdraft fees could be capped at just $3!

Pamela, The Biden administration recently advanced a rule that will tighten restrictions on the overdraft fees banks can charge consumers. If this rule goes through, overdraft fees could be capped at just $3! Big banks are deploying armies of lobbyists to argue for giant loopholes in the new rule, which could leave consumers paying even higher fees! We need to let the Consumer Financial Protection Bureau we're watching―and we need STRONG rules to protect consumers! Send a message: End overdraft junk fees! Overdraft fees were originally instituted to protect consumers who were paying by check through the mail, and would be unsure of when charges would hit. But as we've moved toward electronic payments, banks have transformed overdraft into what CPFB Director Rohit Chopra calls "a massive junk fee harvesting machine." One retired bank CEO even named his boat 'Overdraft.' The CFPB estimates that if this rule goes into effect, it could save American consumers $3.5 billion annually. So you'd better believe that banking lobbyists are working overtime to defeat this rule. Congressional lobbying records show that the Consumer Bankers Association has already spent $2.6 million lobbying against overdraft regulations in the first three quarters of 2023. We need to show the banks and regulators that we're still watching, we're still engaged, and we're going to keep fighting to end junk fees once and for all. Add your voice today to end overdraft fees as we know them! Thank you, Mike Phelan Progress America Paid for by Progress America, a project of Strategy & Hustle   Sent via ActionNetwork.org. To update your email address, change your name or address, or to stop receiving emails from Progress America, please click here.