Let’s End Excessive Overdraft Fees!

$35 overdraft fees are outrageous!

 

Sign The Petition

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The financial industry knows how to take advantage when you accidentally overdraw your bank account, charging up to a $35 fee for a single overdraft. And these fees can really pile up if you make several small purchases before realizing your mistake.

Banks and credit unions raked in $9 billion in overdraft fees in 2022 alone – excessive fees that have little to do with the actual cost of doing business, and more about padding their profits off consumers’ backs. Sign our petition supporting the Consumer Financial Protection Bureau’s plan to cut overdraft fees to $14 or less, and require banks to clearly disclose upfront what the full costs are to use this service.

PETITION TO THE CFPB

Consumers like us got hit with $9 billion in excessive overdraft fees from banks and credit unions in 2022 alone. The average $35 overdraft fee is out-of-line with banks’ actual cost of doing business, considering the majority of consumer overdrafts are less than $26 and are repaid in three days – the equivalent of 16,000 annual percentage rate on a short-term loan. We support the CFPB’s plan to reduce excessive overdraft fees to reasonable levels, and require clear, upfront disclosure of the full costs of using overdraft services, so we can be treated fairly by our financial institutions.