Memos
Behind The Financial Industry’s Rhetoric That Overdraft Fees “Save Customers Money” Is A Much Costlier Reality For Consumers
In January 2022, the Consumer Financial Protection Bureau (CFPB) launched an initiative to save consumers billions of dollars in exploitative “junk fees,” including overdraft fees. In 2019 alone, large banks earned approximately $15.47 billion from overdraft and non-sufficient funds fees.
