MoPIRG and Frontier Group have released a report detailing how the Consumer Financial Protection Bureau (CFPB) helps defend consumers from exorbitant overdraft fees. From the report’s Executive Summary:
- The 10 banks that collected the most overdraft revenue through the first three quarters of 2016, in order, were: Chase Bank, Wells Fargo, Bank of America, TD Bank, U.S. Bank, PNC Bank, Suntrust Bank, Regions Bank, Branch Banking and Trust, and Woodforest National Bank.
- Through the first three quarters of 2016, 626 large banks reported collecting $8.4 billion in revenue from overdraft and NSF fees, an increase of 3.6 percent over the same period in 2015. American consumers should look to the Consumer Financial Protection Bureau (CFPB), which has already enforced overdraft regulations and returned millions of dollars to consumers, to take new action to prevent unfair overdraft fees.
SLEHCRA highly recommends reading the report and supports MoPIRG’s campaign against banks using high overdraft fees.