Senators Call for Elimination of Overdraft Fees
Move comes amid growing pressure, changing bank landscape
A group of U.S. Senators led by Senate Banking Committee Chair Sherrod Brown of Ohio issued a series of letters calling on major U.S. banks to eliminate overdraft fees.
“Financial institutions should do all they can to ensure working families keep their hard-earned money by significantly reforming their overdraft practices…” wrote the Senators. “These fees not only drain bank accounts, but also push consumers out of the banking system and into the arms of unscrupulous and unsupervised lenders who are all too willing to overcharge them for similar services. The result is that millions of Americans are underbanked or unbanked.”
In addition to Brown, the letter was joined by Senators Chris Van Hollen of Connecticut, Raphael Warnock of Georgia, Cory Booker of New Jersey, and Jack Reed of Rhode Island.
The letters were sent to the following banks:
Charles Schwab, JPMorgan Chase, PNC Financial Services Group, TD Group, Truist Financial Corporation, U.S. Bancorp, and Wells Fargo.
In their letter, the Senators noted:
Overdraft and NSF fees are overwhelmingly borne by those Americans already living paycheck to paycheck. The…
