Rep. Carolyn B. Maloney is urging the CFPB to limit overdraft fees charged to bank accounts so that they are “reasonable and proportional” and to expand opt-in requirements. Building on her Overdraft Protection Act, Maloney says that the CFPB already has some of the authority needs to reduce overdraft fees.
In related news, 62% of bank customers pay no monthly account fees for banking services, according to an ABA survey — up 7 points from the year before and up 3 points from 2012. An additional 12% of customers pay $3 per month or less. Only 7% of customers — half the number a year before — pay over $10 per month in fees according to the survey of 1,000 U.S. adults, conducted annually for ABA by Ipsos Public Affairs since 1998.
Read Maloney’s press release.
Read ABA survey highlights.