April 7, 2022
In 2019, banks and credit unions collected an estimated $15.5 billion from their customers through overdraft and non-sufficient funds fees.
- Are often assessed for reasons people do not expect or understand
- Chip away at needed income, including public benefits
- Take a heavy toll on families living paycheck to paycheck
In some cases, overdraft fees can ultimately drive people out of banking altogether.
Across the CFPB, our offices dedicated to servicemembers, older adults, students and young consumers, and low-income people all regularly hear from stakeholders about how these fees not only make it more difficult for people to get by, but affect their overall perceptions of whether the banking system is fair, transparent, and competitive.