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Customers with bank and credit union accounts need to pay close attention to their monthly statements to identify multiple charges for overdraft fees.
Corporate greed that’s fueled inflation has already left consumers paying too much, and big banks like JPMorgan and Wells Fargo are only making matters even worse by charging exorbitant overdraft fees on top of it all.
A group of congressional Democrats, led by Rep. Carolyn Maloney of New York and Sen. Elizabeth Warren of Massachusetts, are optimistic that an overdraft bill will be taken up in the House later this month.
The House Financial Services Committee pulled the NAFCU-opposed Overdraft Protection Act during its rescheduled markup Wednesday. NAFCU has long advocated
Democrats at a hearing on Capitol Hill contended overdraft fees hurt low-income consumers and should be reined in — with Rep. Maxine Waters proposing to make larger banks offer an account without such charges. Yet Republicans said eliminating the fees would drive some consumers toward predatory lenders and away from small banks.