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Overdraft fees could soar as high as $35, costing households up to $225 annually 

WASHINGTON, DC — Continuing their campaign to raise costs on American families, the Republican-led House Financial Services Committee (HFSC) is taking the next step to block the Consumer Financial Protection Bureau’s (CFPB) overdraft late fee rule today. If they’re successful, HFSC Republicans will leave millions of families unprotected from excessive, exploitative overdraft fees as high as $35—a decision that would cost American households an average of $225 each year. 

Acting in step with their Wall Street donors, HFSC Republicans have long tried to undercut the CFPB’s efforts to lower costs for American families, including parroting industry talking points and continually questioning the agency’s standing. 

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The CFPB’s overdraft rule is a very tangible way to lower costs for millions of Americans. But House Republicans instead want to betray their constituents and fall in line with Wall Street special interests by getting rid of these protections. There’s nothing pro-middle class by allowing big banks to crush their customers with excessive overdraft fees.”

Accountable.US Executive Director Tony Carrk

Overdraft fees affect a huge portion of American families with 17% of households with checking accounts paying overdraft or NSF fees in 2023. Most overdraft fees are levied for overdrafts that are less than $26 and are repaid within 3 days—meaning customers pay the equivalent of a 16,000% annual percentage rate (APR) on transactions most would rather have denied.

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