WASHINGTON, DC — Last night, government watchdog Accountable.US projected a digital ad on the headquarters of the Consumer Bankers Association (CBA) displaying the message, “Big Banks Charge Overdraft Fees to Rake in Billions. Be a bank lobbyist’s worst nightmare & learn more about their greed.” The effort was part of Accountable.US’ ongoing digital ad campaign debunking CBA’s misinformation against the Consumer Financial Protection Bureau’s proposed rule limiting overdraft fees charged by banking institutions to a range of $3 to $14, down from as much as $42. Similar digital ads are running throughout February on a network of news sites, entertainment apps, and weather apps in the Capitol Hill area, which direct users to DefendAmericanConsumers.org for information on how the overdraft practice exploits American families.
Big bank CEOs and lobbyists will say or do anything to keep American families needlessly paying billions in overdraft fees every year – even telling them they should be grateful for being price-gouged. Anyone who’s paid a $42 overdraft fee knows these well-hidden junk fees are designed to do one thing: pad big banks’ bottom line.”
Accountable.US’ Liz Zelnick.
It’s Not Just Industry: Before the proposed rule was even released, Republican members of the HFSC and Senate Banking Committee in the pocket of the banking industry penned PR letters to CFPB Director Chopra spinning surprise overdraft fees as a practice that somehow does a favor to struggling working Americans. In reality, the Biden administration’s effort is expected to save everyday families $3.5 billion every year.